Skip to content
Saturday 22 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE · FR
MorningWire

European business, markets and politics

FTSE 100
10,816.56
+0.64%
DAX
26,136.56
+0.59%
CAC 40
8,484.43
+0.37%
STOXX 50
6,462.22
+0.63%
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
More
GermanyFranceEU InstitutionsCompetitionPublic AffairsBankingTechnologyEnergy
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
  • DE
Thursday 27 November 2025 1:39 pm  |  Updated:  Thursday 27 November 2025 2:03 pm

Leak and Let Die: OBR calls in former spook to investigate early Budget release

By: Matt Kenyon

Digital Editor

Add as a preferred source on Google
GettyImages 2247959712 showing a current news or business event, capturing key elements relevant to a general audience
(Photo by Frank Augstein - WPA Pool/Getty Images)

The embattled Office for Budget Responsibility (OBR) has brought in a former top spook to investigate how its entire forecast was published early before Rachel Reeves stood up to deliver the Budget. 

Alongside the watchdog’s oversight board, Ciaran Martin, former chief of the National Cyber Security Centre – part of the security services – will be involved in the probe. 

In an unprecedented compromise of Budget secrecy, a link to the forecast document was found online more than 40 minutes before the Chancellor’s speech. 

The OBR has apologised for the leak, which the watchdog has said was down to a “technical error”. 

Shadow Chancellor Mel Stride has suggested there might be foul play involved in the leak, telling the Commons: “It is utterly outrageous that this has happened and this leak may constitute a criminal act.”

The leak was the culmination of weeks of Budget briefings and soundings in the media, which were criticised ahead of Reeves’ speech by Deputy Commons speaker Nusrat Ghani. 

OBR chair offers to step down

OBR chairman Richard Hughes has told BBC Radio 4’s Today programme that he has apologised to the Chancellor, and that he will step down if Reeves and the Treasury Committee decide that they would like him to. 

“I regret the deep disruption that it caused. We’ve initiated an investigation into what happened. It will be overseen by the chair of our oversight board with expert input from Professor Ciaran Martin, former head of the NCSC.

“It will report to the treasury and the Treasury committee of parliament and identify the actions we take to ensure that it doesn’t happen again.”

In a last minute addition to the Budget speech, after the leak had become clear within the Chamber, the Chancellor said: “It is my understanding that the Office for Budget Responsibility’s Economic and Fiscal Outlook was released on their website before this statement.

“This is deeply disappointing and a serious error on their part. The Office for Budget Responsibility has already made a statement taking full responsibility for their breach.”

Read more

Government debt repayment ‘could rise to half’ of total taxes

OBR chiefs told the Treasury Select Committee that a higher tax burden could stifle growth.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business

People & Organisations

  • HM Treasury
  • Mel Stride
  • national cyber security centre
  • OBR
  • OBR forecast
  • Office for Budget Responsibility (OBR)
  • Rachel Reeves
  • Richard Hughes
  • UK economy
  • UK Government

Trending Articles

  • House prices in wealthy London boroughs fall by up to £300,000

  • As it happened: FTSE 100 rallies after JD Sports drags on blue chips; oil jumps again

  • Mike Ashley’s Frasers offers to pay personal shoppers in Harvey Nichols takeover

  • Ratcliffe’s Ineos saves Runcorn plant

  • Amazon says it buys books in bulk to ‘improve products’

More from Morning Wire

  • Government debt repayment ‘could rise to half’ of total taxes

    Economics
    OBR chiefs told the Treasury Select Committee that a higher tax burden could stifle growth.
  • Healey told tax rises for fiscal remedy are ‘not required’

    Economics
    Massachusetts Attorney General Maura Healey, smiling and gesturing, speaks at a podium.
  • Healey oversees unexpected rise in borrowing in first month as Chancellor 

    Economics
    Man in suit and red tie speaking at a podium to an audience in a modern building.
  • JD Sports shares crater after ‘King of Trainers’ warns on profit

    Retail
    Brightly lit JD Sports store entrance at Meadowhall, showcasing footwear and apparel displays
  • Andy Burnham is on course to rack up the second highest debt interest bill on record

    Opinion
    UK National Debt Clock showing £3 trillion, with Big Ben and the Union Jack in the background.
  • Lord O’Neill declines job in Burnham government

    Economics
    Jim ONeill, economist and former Goldman Sachs chairman, sitting on a yellow sofa in front of large windows.
  • Vistry shares slide after Allianz ‘cuts insurance cover’

    Property
    Vistry said the outcome of the government's spending review and a "recovery in consumer confidence" would prove pivotal.
  • Budget supermarket Iceland’s sneaky jab at Big Four management consultants

    Retail
    Iceland has reported its latest financial results.
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • EU Institutions
  • Europe

Business

  • Markets
  • Business
  • Economy
  • Regulation
  • Competition
  • Public Affairs

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook