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The Latest Breaking News from Office for Budget Responsibility

Taxes, borrowing and spending up in Rachel Reeves’ first Budget

Chancellor Rachel Reeves said she was ‘fixing the foundations of our economy’ but taxes will rise to their highest levels since the Second World War.

Evening Standard

Hunt accused of trying to ‘blame the referee’ over OBR ‘black hole’ review

Tory former chancellor Jeremy Hunt has written to the UK’s top civil servant about an Office for Budget Responsibility review of his spending plans.

The Independent UK

Rachel Reeves watering down non-dom tax changes would be ‘sensible and pragmatic’, tax experts say

The chancellor is considering rowing back on Labour’s manifesto promise to scrap concessions

The Independent UK

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UK housebuilding slump eases; Treasury to regulate ESG ratings – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

When is the autumn statement 2023? Inheritance tax expected to be cut

Unlike his predecessor, the chancellor will be presenting an Office for Budget Responsibility forecast alongside the statement

Evening Standard

Jeremy Hunt rakes in £40 billion more in income tax and NI as stealth taxes hit millions of workers, experts say

The Chancellor faces calls to cut taxes as Government annual borrowing was £13.2 billion lower than the Office for Budget Responsibility forecast last month

Evening Standard

Jeremy Hunt could ‘spare’ millions of households £500 hike in energy bills in April, say leading economists

Jeremy Hunt could spare millions of households a £500 hike in their energy bill in April given the surprise short-term boost to the public finances, leading economists said on Tuesday.

Evening Standard

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The return of Fawlty Towers can’t rival the Truss comeback farce

The former prime minister’s lack of self-awareness would be comedy gold if her prose weren’t so desperately dull

The Guardian - UK

Freeze on alcohol duty to be extended to help UK hospitality industry

No increases until August 2023 despite Jeremy Hunt’s first full budget being scheduled for 15 March

The Guardian - UK

Spring budget date set for March 15

The Chancellor on Monday commissioned an Office for Budget Responsibility forecast, which will be presented alongside the budget.

The Independent UK

Chancellor Jeremy Hunt confirms spring Budget date

Office for Budget Responsibility asked to prepare a forecast

Wales Online

Spring Budget date announced as Jeremy Hunt to give statement on March 15

Chancellor Jeremy Hunt will give his Spring Budget on March 15, spelling out further the direction for the economy after he spelt out years of spending cuts in his Autumn Statement

Daily Mirror

Three charts that explain why falling living standards could deepen the UK's north-south divide

Living standards are set to fall by 7% in the UK over the next two years, according to the Office for Budget Responsibility (OBR) – the government’s independent economic forecaster – but some areas will be hit harder than others.

The Conversation

Starmer must tackle economic ‘disaster’ of Brexit, warn Labour grandees

Peter Hain says Labour leader must have plans ready to limit the damage caused by leaving the EU if he becomes PM

The Guardian - UK

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The Guardian - UK

Five-year mortgage rates drop below 6%; UK lagging G7 rivals; European stocks at three-month high – as it happened

Average five-year fixed mortgage rate has dropped below 6% for the first time in seven weeks, as OECD cuts growth forecasts

The Guardian - UK

Oil plunges to 10-month low as Saudi Arabia ‘considers Opec+ production increase’ – as it happened

Saudi Arabia and other OPEC oil producers are discussing an output increase. WSJ reports , which could help heal rift with the Biden administration

The Independent UK

Millions more to need benefits as recession woes bear down

The Office for Budget Responsibility forecasts a 13.4 per cent rise in people placed on health and disability benefits

Daily Mirror

Long-term sick who struggle to work set to surpass one million within two years

The small print of the Office for Budget Responsibility report published alongside Chancellor Jeremy Hunt’s Autumn Statement shows the bill for more sickness and disability benefits will cost £7.5billion a year.

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Daily Mirror

Rishi Sunak pinning hopes on migrant workers - but doesn't want to shout about it

Office for Budget Responsibility stats released with Chancellor Jeremy Hunt’s Autumn Statement last week revealed net migration will rise from a March estimate of 129,000 in 2026 to 205,000

The National (Scotland)

Chancellor Hunt is taking voters for fools with delayed cuts

THE UK economy is in recession. Taxes are at their highest in 70 years. According to the Office for Budget Responsibility, living standards are…

The Guardian - UK

The Guardian view on tax rises: a necessary change

Editorial: No one likes having to pay more, but hard times and Jeremy Hunt’s autumn statement have put the issue at the centre of politics

The Conversation

Jeremy Hunt's autumn statement is a poisoned chalice for whoever wins the next election

UK Chancellor Jeremy Hunt has produced a highly political autumn statement that throws forward major cuts in public spending to after the next general election. The accompanying economic forecast by the government’s Office for Budget Responsibility (OBR) confirms that the country is facing a recession, with unemployment rising, inflation still…

The Independent UK

Chancellor concedes Brexit made EU barriers and says migration ‘very important’

Jeremy Hunt insisted the UK would find a way to improve trading ties with the EU without rejoining the single market.

The Independent UK

Tory MPs demand fuel duty freeze amid warning of a 12p rise in March

The Office for Budget Responsibility estimated fuel duty will increase by 23% next spring under current plans.

Daily Mirror

House prices to fall by 9% as mortgage rates rise and stamp duty cut ends, experts warn

The typical house will drop in value by almost 10% by 2024, the Office for Budget Responsibility says, with property prices expected to start falling from later this year

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