Rachel Reeves has criticized the Budget watchdog for a significant breach that resulted in key Budget details being leaked. The Chancellor expressed frustration at the Office for Budget Responsibility, labeling their actions as a “serious error” and stating it was “deeply disappointing.” Reeves highlighted to Members of Parliament that the breach was the responsibility of the watchdog, which has acknowledged the mistake.
During her Budget statement in the Commons, Reeves addressed the premature release of the Office for Budget Responsibility’s economic and financial outlook on their website before her speech, calling it a “serious error” on their part. The watchdog has accepted fault for the incident and issued an apology, citing a “technical error” that led to the accidental publication. An investigation has been launched to determine the cause of the leak.
The leaked document revealed that the Budget would increase taxes by up to £26 billion in 2029-30, primarily through freezing personal tax thresholds for an additional three years until 2030-31. Additionally, the document confirmed the removal of the two-child benefit limit starting from April next year, with estimated costs outlined for the upcoming years.
In a statement, the Office for Budget Responsibility explained that the premature release of their economic and fiscal outlook document was due to an early link on their website, which has since been rectified. They expressed regret for the technical error and assured that steps are being taken to prevent such incidents in the future. The full economic and fiscal outlook documents will be released after the Chancellor concludes her speech.
The OBR adjusted its forecast for economic growth this year to 1.5% from the initial 1%, while revising down projections for the following years. Rachel Reeves later expressed determination to surpass the revised forecasts. The OBR committed to reporting to relevant authorities on the incident and ensuring improved oversight to prevent similar leaks in the future.