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The Latest Breaking News from OBR

‘Little Christmas cheer’ for Reeves as borrowing figures higher than forecast

A borrowing figure of £11.7 billion last month was higher than the £10 billion expected.

Evening Standard

FCA prepared to tweak car loan compensation scheme after pushback, boss says

The Financial Conduct Authority’s consultation on its proposed motor finance redress scheme closed last week, with more than 1,000 responses.

Evening Standard

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

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Reeves admits Budget leaks were ‘extremely damaging’ but insists she wasn’t to blame

Chancellor hits out at ‘too many leaks’ and says inquiry is underway to root out the person responsible

The Independent UK

Reeves: PM and I decided ‘as a team’ not to hike income tax

The Chancellor also said a leak revealing she had dropped plans for an income tax rise was ‘incredibly damaging’.

Evening Standard

Resign over Budget briefing chaos, Reeves urged as she orders leak inquiry at the Treasury

Chancellor Rachel Reeves has been urged to resign over the chaos in the run up to her financial statement

Evening Standard

Ministers urged to close £2bn tax loophole in car finance scandal

Banks and specialist lenders will not pay tax on compensation payouts, sidestepping 2015 rule

The Guardian - UK

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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

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

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

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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Evening Standard

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.

The Guardian - UK

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 Independent 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 Guardian - 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

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The Independent 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 Guardian - 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 Independent 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

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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