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The Latest Breaking News from the Office for Budget Responsibility

Budget blow for Reeves as UK’s key economic forecast slashed

Exclusive: Budget watchdog is set to downgrade a key economic performance indicator for the UK in a move that could drive tax hikes – as chancellor tries to shift blame on to Tories

The Independent UK

Reeves’ Nics hike stunting growth and pushing up food prices, Bank says

Higher labour costs in the food industry and supermarkets have pushed up costs for shoppers, the Bank of England said.

Evening Standard

Private school parents may be dodging Labour’s VAT by paying fees up front

Britain’s most expensive independent schools were paid hundreds of millions of pounds in fees in advance last year, according to new analysis

The Independent UK

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OBR boss denies forecast drove welfare cut proposals

Richard Hughes, facing the Commons Treasury Committee, rejected the suggestion the Office for Budget Responsibility’s forecast was now driving policy.

Evening Standard

The six starkest warnings from OBR as report lays bare the perilous state of UK public finances

Here are the most stark warnings in the Office for Budget Responsibility’s report

The Independent UK

Public finances on ‘unsustainable’ path due to spending promises, says OBR

Richard Hughes told a briefing in Liverpool that the projected rise in state pension spending would contributed to growing UK national debt.

Evening Standard

UK finances in ‘vulnerable’ position after reversed spending cuts, says OBR

The Office for Budget Responsibility said the state finances were facing ‘mounting risks’ in the face of growing debts.

Evening Standard

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Complexity of Lifetime Isas increases risk of poor financial decisions, says Treasury Committee

The Treasury Committee said the design of the Lifetime Isa may be diverting people away from more suitable products.

Evening Standard

Savers should be warned about potential pitfalls of Lifetime Isas, MPs say

The Treasury Committee said savers should be aware of more suitable products

The Independent UK

Reeves expected to freeze income tax thresholds to raise funds after welfare U-turn

Government’s concessions over welfare cuts leave chancellor with a growing hole in her budget

The Guardian - UK

Everything you need to know about Labour’s welfare reform U-turn

Ministers will be hoping two key changes will be enough to keep wavering MPs on side

The Independent UK

UK borrowing rises to £20.2bn, putting pressure on Rachel Reeves

April figure more than expected and comes despite increase in employer national insurance contributions

The Guardian - UK

New tax rises warning as borrowing jumps in UK hit by Donald Trump tariff wars

Public sector net borrowing rose to £151.9 billion in the year to the end of March - equal to £95,300 per household

Evening Standard

As Labour frustration grows, could OBR forecasts be cut to once a year?

Figures in No 10 feel the Office for Budget Responsibility’s twice-yearly reports undermine Rachel Reeves’ plan to scrap the spring statement

The Guardian - UK

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Evening Standard

Spring statement 2025: Graphs reveal economic impact of Rachel Reeves' plans

GDP and productivity are not likely to grow at the pace that ministers had hoped

Evening Standard

Workers’ rights plans could have ‘negative’ impact, watchdog suggests

The Office for Budget Responsibility said regulations which ‘affect the flexibility of businesses and labour markets’ can have undesirable effects.

The Guardian - UK

Will Rachel Reeves’s tough decisions pay off? Our panel on the spring statement

The chancellor boosted defence spending while piling on further welfare cuts – all set against gloomy growth forecasts

Evening Standard

Housebuilding to hit 40-year high as red tape cut, but buyers ‘need support’

The Office for Budget Responsibility has forecast that Labour’s planning reforms will boost housebuilding by 170,000 over the next five years.

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The Independent UK

Inflation to rise to 3.2% for 2025 as OBR slashes growth forecast

The Government’s official forecaster has also warned that interest rates are set to stay higher for longer

Evening Standard

Inflation to rise to 3.2% for 2025 as growth forecast slashed – OBR

The Office for Budget Responsibility (OBR) said on Wednesday that it expects UK gross domestic product (GDP) to rise by 1% in 2025.

Evening Standard

Economic growth forecast halved as Reeves blames global instability

Chancellor Rachel Reeves was forced to set out further cuts in public spending after the Office for Budget Responsibility’s verdict.

The Guardian - UK

Reeves says poverty figures from spring statement cuts don’t take into account impact of getting people into work – as it happened

More than 3 million families will lose out as a result of sweeping cuts to welfare, official analysis shows

The Independent UK

Rachel Reeves ‘set to impose further welfare cuts worth £500m’

The Office for Budget Responsibility is said to have rejected the Treasury’s saving estimates from last week’s welfare cuts, paving the way for even more difficult choices

The Independent UK

Reeves poised to make further welfare cuts as budget watchdog gives its verdict

Chancellor Rachel Reeves will acknowledge she needs to go ‘further and faster to kickstart growth’ in her spring statement .

The Guardian - UK

Chances of May interest rate cut rise after UK inflation falls to 2.8% – as it happened

Rolling coverage of the latest economic and financial news, as pound dips after February’s inflation report

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