UK economy contracts 0.1 per cent in blow to Rachel Reeves July 11, 2025 Rachel Reeves’ waning growth agenda has been dealt another blow after the UK economy contracted 0.1 per cent in May. The Chancellor has endured a bruising few weeks after government U-turns and spending splurges have cut into the fiscal headroom she outlined in the Autumn. Fresh figures from the Office for National Statistics have confirmed [...]
Kemi Badenoch backs costly triple lock pension as ‘Conservative policy’ July 10, 2025 Opposition leader Kemi Badenoch has doubled down in her backing of the triple lock pension after the UK’s fiscal watchdog said its costs on the state had soared far higher than expected. The Office for Budget Responsibility (OBR) warned this week that the Labour government could not afford the triple lock pension along with other [...]
Something fiscal this way comes: Reeves haunted by ghosts of Truss and the OBR July 10, 2025 Haunted by the legacy of Truss and bound by the warnings of the OBR, Chancellor Rachel Reeves now faces a political and fiscal tragedy of her own, as internal rebellion and economic risks threaten her grip on stability, says Helen Thomas OBR, OBR, wherefore art thou OBR? The three letter acronym that oversees government finances [...]
Wealth and stealth: Starmer eyes fresh tax hikes July 9, 2025 Keir Starmer has refused to rule out a wealth tax or so-called stealth taxes, a day after the fiscal watchdog said unfunded spending commitments on welfare put the public finances under intense pressure. The Office for Budget Responsibility (OBR) gave a damning verdict of the state of public finances in a comprehensive report published on [...]
Alarming OBR forecast is too optimistic – debt is set to be 647 per cent of GDP July 9, 2025 The OBR is being far too optimistic in its assumptions about productivity growth in the UK – meaning the scale of the country’s debt problem is even greater than it appears, says Ben Ramanauskas According to the OBR’s forecast, the National Debt is projected to be over 270 per cent of GDP by the 2070s. [...]
Brutal bean-counters break the news: we’re utterly broke July 9, 2025 These are difficult times for a news organisation that likes to think of itself as being on the glass-half-full side of life. Optimism is in short supply, and whatever reserves remained after 12 months of this government were snatched away from us yesterday by those bean-counting assassins at the Office for Budget Responsibility. Once a [...]
Sir Robert Chote to leave UK Statistics Authority July 8, 2025 Sir Robert Chote has resigned as chairman of the UK Statistics Authority, which oversees official data published by a range of bodies including the Office for National Statistics. The UK Statistics Authority, an arms-length government body, has been involved in scrutinising the ONS’s troubles. Chote, who joined the UK Statistics Authority in 2022, will become [...]
Brits back spending cuts over tax rises July 8, 2025 Voters prefer spending cuts over tax rises, fresh polling has found, putting Chancellor Rachel Reeves at odds with an electorate that has become frustrated with her economic policies. Rachel Reeves set spending pledges in stone in June when she confirmed Labour would boost day-to-day departmental and capital spending, with the NHS receiving a fresh three-year [...]
UK cannot afford triple lock pension, OBR says July 8, 2025 The UK government cannot afford to keep the triple lock pension, the Office for Budget Responsibility (OBR) has warned. Chancellor Rachel Reeves has faced staunch opposition from within her own party and seemingly from the wider electorate over cuts to welfare spending as she bids to meet fiscal rules that prevent high borrowing from further [...]
OBR warns unfunded spending to damage UK finances amid ‘daunting’ risks July 8, 2025 The UK economy is set for a “daunting” year as the Office for Budget Responsibility (OBR) has warned unfunded spending commitments and global trade tensions are likely to damage public finances. Chancellor Rachel Reeves is facing pressure to assuage Labour backbenchers by not cutting welfare spending while also upholding a pledge not to raise tax [...]