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The Latest Breaking News from the Office for Budget Responsibility

Annual Government borrowing drops unexpectedly to lowest in three years

The ONS said public sector borrowing was estimated to have dropped £19.8 billion to a lower-than-expected £132 billion in the year to March.

Evening Standard

The U.K. Is Set To Spend $183 Billion on Pensions This Year. Nigel Farage Vows To Keep Hiking Payments.

The leader of Reform U.K. pledged to keep the "triple lock" mechanism in place, which is driving the state pension program to financial unsustainability.

Reason

Mansion tax could hit 165,000 homes in first year, Budget watchdog predicts

The Office for Budget Responsibility (OBR) estimated 165,000 properties will be affected in the policy’s first year, rising to 167,000 in 2030

The Independent UK

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From a wealth tax to rejoining the EU: Zack Polanski outlines the Green Party’s economic policy

Polanski takes aim at the government’s ‘failing fiscal rules’ as he set out plans to overhaul the UK’s tax system

The Independent UK

Reeves insists she has right plan despite economic growth forecast cut

The Office for Budget Responsibility slashed the growth forecast for 2026 and hiked its expectation for unemployment.

Evening Standard

Lower net migration could hold back UK growth potential, OBR finds

The Office for Budget Responsibility said its forecast for net migration was lower than it previously predicted.

Evening Standard

What we learnt from Rachel Reeves’ spring statement – and what it means for you

From energy prices to economic growth, here The Independent takes a look at everything we learnt from the chancellor’s spring statement

The Independent UK

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Spring Statement 2026: UK growth forecast slashed as unemployment set to peak with young people hit hardest

Chancellor Rachel Reeves insisted she has the ‘right economic plan’ for Britain despite the budget watchdog slashing its forecast for growth this year

Evening Standard

Rachel Reeves promises to keep families ‘better off’ under economic plans

IN FULL

The Independent UK

Budget watchdog downgrades growth forecast for 2026 as Reeves defends plan

Chancellor Rachel Reeves set out the Office for Budget Responsibility’s forecasts as the Iran war threatened to cast a shadow over the economy.

Evening Standard

FTSE 100 Live 03 March: Energy price surge continues, stocks deep in red

Fears of a new inflation spike have intensified after oil and gas prices today extended their upward momentum.

Evening Standard

OBR has ‘earned people’s trust’ despite budget leak, says former chairman

Richard Hughes resigned from the Office for Budget Responsibility (OBR) in December over the mistaken early publication of its forecasts.

The Independent UK

MPs announce inquiry into work of Office for Budget Responsibility

Treasury committee will examine agency’s forecasting record and discover where it ‘needs to do better’

The Guardian - UK

Liz Truss mini-Budget torpedoed Brexit economic hopes, says expert as Labour seeks closer EU ties

The UK economy has suffered a multi-billion pound blow from quitting the European Union, according to the Office for Budget Responsibility

Evening Standard

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The Independent UK

OBR chairman resigns over Budget leak

Richard Hughes has served as chairman of the Office for Budget Responsibility since 2020 and was reappointed to the job in July.

The Guardian - UK

OBR chair quits after inquiry into early release of budget document

Richard Hughes takes ‘full responsibility’ for watchdog error as Starmer attempts to secure chancellor’s position

The Independent UK

Rachel Reeves denies lying about Budget black hole to justify £26bn tax hikes

Calls for investigation into accusation Labour chancellor misled the public

The Independent UK

Rachel Reeves denies lying about Budget black hole to justify tax hikes – UK politics live

Rachel Reeves denies breaking Labour manifesto pledge not to raise taxes – but admits she is asking people to pay more

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The Independent UK

No 10 denies Reeves misled over black hole as OBR letter challenges warnings

The Chancellor was told in October by the Budget watchdog that her spending plans would no longer incur a black hole.

Evening Standard

No 10 denies Reeves misled public over the UK's finances ahead of Budget

Conservative leader Kemi Badenoch claimed the Chancellor had ‘lied to the public’ and should be sacked

Evening Standard

Two-child benefit cap a ‘failed social experiment’ that had to go, PM says

Ditching the cap will cost about £3 billion by the end of this Parliament, according to the Office for Budget Responsibility.

The Independent UK

Starmer calls two-child benefit cap a ‘failed social experiment’ that had to go

Scrapping the benefit cap will cost around £3 billion by the end of this Parliament, according to the OBR

The Guardian - UK

The chancellor’s growth mission is missing in action

Businesses grumble about lack of ambition and urgency as Rachel Reeves continues to shy away from meaningful tax reform

The Conversation

How the financial markets reacted to the UK budget (and why they matter)

Rachel Reeves’s second budget landed in an unusual fashion. Before she delivered it, most of the key details had already been revealed accidentally by the Office for Budget Responsibility.

The Guardian - UK

Has Rachel Reeves broken her manifesto promises with the budget?

Reeves told MPs she had stuck to her pledges. Responding, Kemi Badenoch said the opposite. Who is right?

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