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The Latest Breaking News from OBR

Friday briefing: After constant leaks and a resignation, is the OBR still fit for purpose?

In today’s newsletter: Critics say the OBR’s growing influence has outpaced its accountability, raising questions about whether it serves the public, the Treasury, or the markets

The Guardian - UK

Treasury launches inquiry into budget leaks with ‘full support’ of Rachel Reeves

It comes after major policies such as freeze on income tax thresholds were reported in chaotic build-up to budget

The Guardian - UK

Treasury minister: inquiry into pre-Budget leaks under way

James Murray, a Treasury minister, told MPs that a leak inquiry is ‘under way with the full support of the Chancellor’.

Evening Standard

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Hunt launched for sources of pre-Budget leaks after Reeves criticism

The leaks culminated in the unprecedented early publication of the Office for Budget Responsibility’s economic and fiscal outlook

The Independent UK

Spoilt for choice, Conspiracy Kemi grabs wrong end of every stick

After the budget there should have been easy wins for Badenoch at PMQs but the Tory leader just can’t help herself

The Guardian - UK

Badenoch: Reeves could be prosecuted for market abuse over claims before Budget

The Chancellor has faced accusations she misled voters by overstating the scale of the fiscal challenge, but has denied doing so.

Evening Standard

Reeves accused of forcing OBR chief to quit after watchdog revealed truth about Budget black hole

Tory leader Kemi Badenoch led the accusation about Richard Hughes, the former chair of the Office for Budget Responsibility

The Independent UK

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Keir Starmer to face PMQs amid continued Budget questions

The OECD has warned tax hikes and reduced spending will act as a ‘headwind’ to the UK economy over the next two years.

Evening Standard

OBR chief’s exit may ease pressure on Rachel Reeves but the battle isn’t over

With the row deepening over budget leaks, who is most likely to replace Richard Hughes in the increasingly thankless role of chair?

The Guardian - UK

DWP chief paves the way for more benefit cuts as Starmer warned over spending

The OBR projects that Labour has added £11bn on to public spending – largely to pay for welfare reversals

The Independent UK

Reeves and Starmer are a two-for-one deal – if she goes, he goes. What a cheering thought

It’s week two of budget black-hole gate. When will it all end? Probably after the May elections, says Guardian columnist Marina Hyde

The Guardian - UK

Labour warned of fresh economic hit as Brexit accelerates high-skilled ‘brain drain’ from UK

‘None’ of the Labour chancellor’s measures will ‘have a material effect’ on growth, Richard Hughes, the chair of the OBR, has said

The Independent UK

OBR complained to Treasury before budget about leaks spreading ‘misconceptions’

Official tells MPs there was lots of information appearing in the press that ‘wasn’t particularly helpful’

The Guardian - UK

OBR confronted Treasury about ‘unhelpful’ policy leaks before Reeves’ Budget

The economy watchdog forced to deny being ‘at war’ with Treasury after row over state of Britain’s public finances

The Independent UK

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Evening Standard

Budget crisis engulfs Rachel Reeves as OBR watchdog slams Treasury briefings

The leading economists also predict that interest rates will fall from 4% to 3.5% by the second quarter of 2026

The Guardian - UK

OECD warns Reeves higher taxes and spending restraint will limit consumer expenditure

UK economy will grow faster than France, Germany and Italy but slower than US next year, report predicts

The Guardian - UK

The most misleading thing about Rachel Reeves’s budget? Who it was really for

Labour backbenchers have been cheering it as a win for the most vulnerable in society. In fact it was aimed at the bond markets, says Guardian columnist Aditya Chakrabortty

The Independent UK

Starmer: We have to work with China – even if it threatens national security

The prime minister used his Mansion House speech to defend a ‘thawing’ of relations with Beijing – potentially laying the groundwork for a controversial new super embassy to be given approval

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The Independent UK

This PM has changed the Labour Party once – he must now do so again

THE INDEPENDENT VIEW: Editorial: Steering the party from the nadir of Corbynism to a landslide majority is Keir Starmer’s greatest achievement – but he now faces his stiffest test in tackling its drift back towards old Labour refuseniks who are hampering pro-growth change

The Independent UK

Starmer insists there was ‘no misleading’ after claims Reeves lied in run-up to Budget

Keir Starmer forced to publicly defend chancellor over accusations she lied about country’s finances – as Labour MPs voice discontent

The Guardian - UK

The Guardian view on OBR v the Treasury: ministers have embraced the theatre of errors

Editorial: The government is trapped between Labour’s instincts and bond traders’ demands. Sensible fixes exist, but require imagination ministers have yet shown

The Guardian - UK

Starmer has little choice but to bind himself closer to his chancellor

Ditching Rachel Reeves would put spotlight back on real context for decision to drop idea of breaching manifesto

The Guardian - UK

How the standoff between Rachel Reeves and the OBR unfolded

Treasury’s independent economic forecaster says outlook for economy rosier than chancellor led everyone to believe

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.

Evening Standard

OBR chief Richard Hughes resigns amid growing chaos over Budget as PM defends Chancellor

Treasury minister James Murray told the Commons that the Government backs a ‘deeper forensic investigation’ into previous Office for Budget Responsibility (OBR) disclosures

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