Rachel Reeves has criticized the Budget watchdog for an unprecedented premature release of crucial Budget details. The Chancellor expressed strong disappointment over the “serious error” committed by the Office for Budget Responsibility, asserting that it was their breach for which they have accepted responsibility.
During her Budget statement in the Commons, Reeves highlighted that the Office for Budget Responsibility’s economic and financial outlook was mistakenly made public on their website prior to her speech. She condemned the incident as a significant mistake on their part, noting that they have acknowledged the breach.
Following the inadvertent publication, the Office for Budget Responsibility issued an apology attributing the incident to a “technical error” and announced an investigation into the circumstances leading to the leak.
Reeves, visibly perturbed, was set to present the Budget to MPs at 12:30pm but was upstaged by the premature release of the economic and fiscal document, including key Budget measures, by the Office for Budget Responsibility (OBR).
The leaked document revealed that the Budget would raise taxes by up to £26 billion in 2029-30, primarily through the continuation of freezing personal tax thresholds until 2030-31. It also disclosed the removal of the two-child benefit limit from April 2026, with estimated costs for the removal outlined in the document.
In an unexpected turn of events, the OBR revised its forecast for economic growth this year from 1% to 1.5% but lowered projections for the subsequent four years. Reeves later expressed determination to surpass these forecasts.
The OBR issued a statement acknowledging the premature release of their economic and fiscal outlook document and assured that steps were being taken to prevent a recurrence. They committed to providing the full outlook after the Chancellor’s speech.
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