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The Latest Breaking News from Office for Budget Responsibility

Fact check: Government plans will see defence spending hit 2.5% of GDP

It is unclear what the Prime Minister is using to claim that the increase would be £13.4 billion per year.

Evening Standard

Treasury denies breaking law over 'black hole' in public finances

The way information is provided to the Office for Budget Responsibility is being changed following issues in March

Evening Standard

Treasury denies breaking law over ‘black hole’ in public finances

The way information is provided to the Office for Budget Responsibility is being changed following issues in March.

The Independent UK

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OBR error cut £18bn of headroom from Rachel Reeves’ Budget

The error may have contributed to the market jitters that were seen in the wake of the Budget

The Independent UK

We’ve all got Liz Truss PTSD, says minister as he defends market reaction to Budget

Treasury minister says situation after Truss’ mini-Budget ‘completely different in contrast to now’

The Independent UK

UK still suffering from trauma of Liz Truss, says Treasury minister

Darren Jones says ‘we’ve all got PTSD’ from Truss’s 2022 mini-budget, amid market jitters after this week’s budget

The Guardian - UK

Jittery markets hold their nerve on Budget £32b borrowing as minister reassures: We've all got PTSD from Truss

Chief Secretary to the Treasury Darren said on borrowing the Government does not ‘think that we are pushing it to the limit’

Evening Standard

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Lower pay rises likely due to Budget tax increases, Rachel Reeves admits

The Chancellor acknowledged her decision to raise national insurance contributions for employers could affect wage growth for workers.

The Independent UK

Millions of workers to see £600 pay rise hit from National Insurance hike on businesses, says Budget watchdog

The Office for Budget Responsibility stressed three quarters of the rise in National Insurance on employers would ultimately feed through into lower wage increases for employees

Evening Standard

UK economic growth upgraded this year amid ‘temporary boost’ from spending

The Office for Budget Responsibility has predicted that UK gross domestic product will grow by 1.1% in 2024.

Evening Standard

Taxes, borrowing and spending up in Rachel Reeves’ first Budget

Chancellor Rachel Reeves said she was ‘fixing the foundations of our economy’ but taxes will rise to their highest levels since the Second World War.

Evening Standard

Hunt accused of trying to ‘blame the referee’ over OBR ‘black hole’ review

Tory former chancellor Jeremy Hunt has written to the UK’s top civil servant about an Office for Budget Responsibility review of his spending plans.

The Independent UK

Rachel Reeves watering down non-dom tax changes would be ‘sensible and pragmatic’, tax experts say

The chancellor is considering rowing back on Labour’s manifesto promise to scrap concessions

The Independent UK

UK housebuilding slump eases; Treasury to regulate ESG ratings – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

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Evening Standard

When is the autumn statement 2023? Inheritance tax expected to be cut

Unlike his predecessor, the chancellor will be presenting an Office for Budget Responsibility forecast alongside the statement

Evening Standard

Jeremy Hunt rakes in £40 billion more in income tax and NI as stealth taxes hit millions of workers, experts say

The Chancellor faces calls to cut taxes as Government annual borrowing was £13.2 billion lower than the Office for Budget Responsibility forecast last month

Evening Standard

Jeremy Hunt could ‘spare’ millions of households £500 hike in energy bills in April, say leading economists

Jeremy Hunt could spare millions of households a £500 hike in their energy bill in April given the surprise short-term boost to the public finances, leading economists said on Tuesday.

The Guardian - UK

The return of Fawlty Towers can’t rival the Truss comeback farce

The former prime minister’s lack of self-awareness would be comedy gold if her prose weren’t so desperately dull

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The Guardian - UK

Freeze on alcohol duty to be extended to help UK hospitality industry

No increases until August 2023 despite Jeremy Hunt’s first full budget being scheduled for 15 March

The Independent UK

Spring budget date set for March 15

The Chancellor on Monday commissioned an Office for Budget Responsibility forecast, which will be presented alongside the budget.

Wales Online

Chancellor Jeremy Hunt confirms spring Budget date

Office for Budget Responsibility asked to prepare a forecast

Daily Mirror

Spring Budget date announced as Jeremy Hunt to give statement on March 15

Chancellor Jeremy Hunt will give his Spring Budget on March 15, spelling out further the direction for the economy after he spelt out years of spending cuts in his Autumn Statement

The Conversation

Three charts that explain why falling living standards could deepen the UK's north-south divide

Living standards are set to fall by 7% in the UK over the next two years, according to the Office for Budget Responsibility (OBR) – the government’s independent economic forecaster – but some areas will be hit harder than others.

The Guardian - UK

Starmer must tackle economic ‘disaster’ of Brexit, warn Labour grandees

Peter Hain says Labour leader must have plans ready to limit the damage caused by leaving the EU if he becomes PM

The Guardian - UK

Five-year mortgage rates drop below 6%; UK lagging G7 rivals; European stocks at three-month high – as it happened

Average five-year fixed mortgage rate has dropped below 6% for the first time in seven weeks, as OECD cuts growth forecasts

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