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The Latest Breaking News from the Office for Budget Responsibility

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

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

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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.

Evening Standard

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

The Guardian - UK

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.

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

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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

The Independent UK

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.

Evening Standard

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 Guardian - 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 Independent 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

The Guardian - UK

Reeves admits ‘further and faster’ action is needed to kickstart growth

Before the statement, the Office for Budget Responsibility will publish its forecast on the UK economy, which is widely expected to slash its forecast for economic growth

The Independent UK

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The Guardian - UK

Labour plan for £2bn in Whitehall cuts will hit frontline services, union warns

‘You can’t cut your way to growth,’ says PCS head as Reeves confirms move to cut administrative costs by 15% by 2030

The Guardian - UK

What are Rachel Reeves’s fiscal rules and could they be changed?

What are the economic constraints that underpin the chancellor’s spring statement – and why does she see them as vital?

The Independent UK

All UK families could see average living standards fall by 2030, forecast warns

Sir Keir Starmer’s government could be first to see living standards fall since 1955, warns Joseph Rowntree Foundation

The Guardian - UK

‘Does it score?’ How the OBR became the key arbiter of the Treasury’s sums

Chancellor has very little headroom within her fiscal rules but is keen to keep Office for Budget Responsibility on side

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The Independent UK

Is cutting benefits the only way to save money on welfare?

Major reforms to welfare are expected to be announced today

The Fashion Central

DWP Faces Major Budget Cuts as Government Targets Benefits and Welfare Fraud Crackdown

The Department for Work and Pensions (DWP), responsible for Universal Credit and PIP, is set to face significant budget cuts.

The National (Scotland)

Labour minister says 'clue is in the name' to defend welfare cuts

A cabinet minister has said the “clue is in the name” when defending Labour’s plans to slash welfare spending ...

Evening Standard

Chancellor plans sweeping welfare cuts amid tariffs warning, higher inflation and increasing borrowing costs

A minister has defended the proposals saying there is a ‘moral case’ for cutting Britain’s welfare bill

The Guardian - UK

Starmer highlights UK’s war record in implicit rebuke to Vance as Lib Dems mock Badenoch for defending him – as it happened

Interventions follow US vice president’s comments about ‘20,000 troops from some random country that has not fought a war in 40 years’

Evening Standard

Record January tax surplus of £15.4 billion falls short of City forecasts

Government in the black last month but £5 billion less than forecast by the OBR in October

The Guardian - UK

Oil workers ‘could strike’ to protect jobs in green transition; Trump tariffs hit US economic growth – as it happened

Sharon Graham, the Unite general secretary, says direct action is being considered to save UK jobs

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