The Latest Breaking News from OBR

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…

Rachel Reeves has announced her financial update – here are the main points, with political analysis

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…

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

It came as the UK’s official forecaster also reported that economic growth will be weaker than expected from 2026.

The OBR confirmed Rachel Reeves’ Budget ‘raises taxes by amounts rising to £26 billion in 2029-30’.

Chancellor unveils action on energy bills, rail fares and two-child benefit cap as she reveals £26bn tax rises

OBR forecasts appear to show that chancellor has more than doubled her fiscal headroom to almost £22bn

Chancellor to set out tax and spending plans shaped by weak productivity, high borrowing costs and cost of living crisis

Here’s what Rachel Reeves is tipped to announce after months of speculation

THE INDEPENDENT VIEW: Editorial: The chancellor’s second Budget has been overshadowed by bleak forecasts, but while the OBR’s downgrade exposes the fragility of Labour’s economic promises and the limits of government spin, she must still deliver