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The Latest Breaking News from the Office for Budget Responsibility

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

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 Independent 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 Guardian - UK

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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

The Independent UK

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

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.

The Independent UK

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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 Independent UK

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.

Evening Standard

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 Guardian - UK

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 Conversation

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?

The Guardian - UK

What will the budget mean for economic growth? Experts give their view

Since the election last year, the UK government has said economic growth is its top priority, as a way to improve living standards, cut NHS waiting lists and ease pressure on household finances. But with the Office for Budget Responsibility predicting growth this year to be a below-average 1.5%, it…

The Conversation

The most chaotic Budget in living memory ends in complete shambles – before it’s even started

NEWS ANALYSIS: The accidental leak of details of Rachel Reeves’ Budget by the Office for Budget Responsibility before she got to her feet was one final bit of chaos for this make-or-break Budget, says political editor David Maddox

The Independent UK

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The Independent UK

What a freeze on income tax thresholds means for you

The freeze on income tax thresholds has been extended until the 2030-2031 tax year for taxpayers in England, Wales, and Northern Ireland. This extension is projected to raise £7.6 billion in revenue by 2030 and will lead to an increase in the number of UK taxpayers. The policy relies on…

The Independent UK

UK faces higher inflation and record tax burden in bleak new forecast

Leaked forecasts from the Office for Budget Responsibility (OBR) predict higher inflation and unemployment for the UK in 2025 and 2026 than previously expected. The OBR also indicated that economic growth will be weaker from 2026 until the end of the current Labour government, with the tax burden continuing to…

The Independent UK

Huge cheers in Commons as two-child benefit cap scrapped

IN FULL

The Independent UK

Fuel duty to increase for first time since April 2010

Fuel duty is set to increase for the first time in 16 years, with the current 5p per litre cut extended only until September 2026 before being reversed through a staggered approach. From April 2027, the Government plans to increase fuel duty rates annually in line with the Retail Price…

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The Independent UK

Budget at a glance: What has Rachel Reeves announced?

Here, the PA news agency looks at the tax rises and cost-of-living measures in Wednesday’s Budget.

The Independent UK

Reeves ‘plots new property tax’ in Budget after income tax U-turn

Chancellor could bring in new levy on high-value properties and maintain the freeze on thresholds

Evening Standard

Reeves to freeze thresholds after ditching planned income tax hike – reports

The Chancellor is understood to have U-turned after improved forecasting from the Office for Budget Responsibility.

The Guardian - UK

Three weeks till budget day – and now Rachel Reeves is ‘being honest’ about tax

The chancellor is levelling with us about the pain to come. Is there anyone outside Planet Rachel who couldn’t see that truth two years ago, asks Guardian columnist Marina Hyde

Evening Standard

Income tax rise not ruled out by Keir Starmer in PMQs clash on Budget with Kemi Badenoch

Millions of households are set to be hit with tax rises as Rachel Reeves seeks to plug a hole in the public finances

Evening Standard

Pound tumbles as markets take fright over Rachel Reeves' Budget woes with UK productivity downgrade

Sterling dropped to a two-and-a-half-year low against the euro before regaining some ground

The Independent UK

Fresh blow for Reeves as house builders warn Labour will struggle to hit 1.5m homes target

The warning is likely to harm prospects for the OBR upgrading its forecast for economic growth from construction

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