OBR chief hits out at ‘misconceptions’ in Treasury briefings December 2, 2025 A top economist at the Office for Budget Responsibility (OBR) has defended a decision to release a letter that contradicted anonymous Treasury briefings in media reports, adding that details in reports were “damaging” to the fiscal watchdog. David Miles, a member of the Budget Responsibility Committee (BRC), told MPs on the Treasury Select Committee that [...]
OECD: Labour is pushing UK inflation to second highest in G7 December 2, 2025 The UK is set to suffer the second highest level of inflation in the G7 over the next year as a result of the Labour government’s decisions to pile extra costs on businesses, the Organisation for Economic Co-operation and Development (OECD) has said as it also warned recent tax hikes will hit growth. In its [...]
Bank of England warns of rising global threat as lenders’ capital rules slashed December 2, 2025 The Bank of England has warned of increased global risks to financial stability, even as it slashed rules imposed on UK lenders dictating the amount of capital they must hold. The central bank said “risks to financial stability have increased during 2025”. “Global risks remain elevated and material uncertainty in the global macroeconomic outlook persists,” [...]
FTSE 100 Live: OBR chiefs face MP grilling; Food inflation slows December 2, 2025 Good morning and welcome back to the Morning Wire liveblog. The Office for Budget Responsibility (OBR) admitted its “worst failure in the 15-year history” of the fiscal watchdog on Monday. This morning, from 10am, two of its remaining spokespeople will be facing a grilling from the Treasury select committee of MPs. The sensational leak of [...]
Is Rachel Reeves the Prime Minister’s lucky general? December 2, 2025 Napoleon is supposed to have declared that he’d “rather have lucky generals than good ones.” Here in the UK, it seems we have a Chancellor who fits just such a mould. Only the most loyal Labour MPs would declare that Rachel Reeves is a good Chancellor, and in doing so they’d be setting themselves firmly [...]
Voters blame Labour for tax hikes amid gloomy outlook December 2, 2025 A majority of voters believe that the raft of tax-raising measures unveiled at last week’s Budget prove that Labour has failed to fix the public finances after more than year in office. Senior Labour officials including Chancellor Rachel Reeves have suggested that the government faced constraints on public finances as a result of international trade [...]
Businesses left ‘in limbo’ during Budget speculation as bosses feel bruised December 2, 2025 The UK’s private sector was left in a state of “limbo” amid months of Budget speculation leading to delayed investment plans, a leading survey has found, underscoring claims that the government misled the public and businesses over tax rises and fiscal constraints. The Confederation of British Industry (CBI)’s monthly private sector survey has revealed how [...]
Voters’ verdict: Tax hikes breach manifesto and Reeves should resign December 1, 2025 Chancellor Rachel Reeves should resign following a decision to extend the freeze on income tax thresholds in a move seen by voters as a breach of Labour’s manifesto, new polling has revealed. The government is facing intense pressure over the way it conducted economic policymaking, with questions lurking over a potential breach of the Labour [...]
Starmer denies misleading public as fresh row with OBR erupts December 1, 2025 Prime Minister Keir Starmer has denied accusations that Chancellor Rachel Reeves misled cabinet colleagues – and the country – over the state of public finances in the lead-up to the Budget as tax rumours hinged on the belief that there was a £30bn shortfall in the fiscal headroom. In a press conference at a nursery [...]
Business confidence drops to post-pandemic lows after Budget December 1, 2025 Business confidence in bosses’ own organisations fell to the lowest level in over five-and-a-half years after the Budget, a leading survey has suggested, as the absence of growth policies in Rachel Reeves’ statement dampened leaders’ moods. The Institute of Directors’ monthly survey indicated bosses were fearing for the worst after last Wednesday’s much-anticipated event, with [...]