Rachel Reeves has criticized the Budget watchdog for an unprecedented leak of crucial details of the Budget. The visibly angered Chancellor expressed disappointment at the Office for Budget Responsibility’s “serious error,” holding them accountable for the breach. Reeves informed MPs that the Office for Budget Responsibility had prematurely released their economic and financial outlook on their website before her official statement.
The watchdog issued an apology, attributing the incident to a “technical error” and launching an investigation into the matter. The Chancellor, who was observed checking her phone during Prime Minister’s Questions, was scheduled to present the Budget to MPs at 12:30 pm. However, the Office for Budget Responsibility accidentally published its economic and fiscal document before Reeves’s address.
The leaked document revealed that the Budget plans to increase taxes by up to £26 billion in 2029-30 by extending the freeze on personal tax thresholds until 2030-31. Additionally, the document disclosed the elimination of the two-child benefit limit starting from April next year, with estimated costs of £2.3 billion in 2026-27 and £3 billion in 2029-30. The Office for Budget Responsibility also adjusted its economic growth forecast for this year from 1% to 1.5% but revised downward its projections for the subsequent four years.
In response to the incident, the Office for Budget Responsibility acknowledged the premature release of its economic and fiscal outlook document, attributing it to an early website link publication. They expressed regret for the technical error, ensuring a thorough investigation to prevent such incidents in the future. The economic and fiscal outlook, along with supporting documents, will be released following the conclusion of the Chancellor’s speech.
