Rachel Reeves says budget will cut living costs after shock OBR leak

Chancellor Rachel Reeves announced the scrapping of the two-child benefit cap and confirmed the introduction of a mansion tax in the 2025 budget, following a leak by the Office for Budget Responsibility (OBR) attributed to a technical error. This budget aims to address the UK's ongoing cost of living crisis and is set against a backdrop of significant fiscal challenges.

Chancellor Rachel Reeves is set to deliver her second budget on November 26, 2025, focusing on addressing the UK's cost of living crisis and a significant spending gap of at least £30 billion. The budget is expected to include tax increases and measures aimed at reducing living costs, amidst scrutiny from Labour MPs and the public.

U.K. Treasury Chief Rachel Reeves announced a budget aimed at reducing debt and inflation, emphasizing that the measures will help the government adhere to its fiscal rules. The budget is set to be revealed on November 26, 2025, and is expected to include significant tax increases and spending cuts to address the ongoing cost of living crisis.

The Office for Budget Responsibility (OBR) inadvertently released details of the upcoming Budget ahead of schedule, causing surprise among BBC correspondents and raising questions about the reliability of the OBR's processes. This incident occurred just before the Chancellor was set to deliver her Budget speech, highlighting a significant error in communication.

The Office for Budget Responsibility (OBR) inadvertently published details of the upcoming Budget, leading to widespread surprise and criticism, as noted by Henry Zeffman in BBC News. This incident raises questions about the reliability of the OBR's processes and its impact on the government's fiscal planning.

UK Finance Minister Rachel Reeves is set to present her second annual budget to parliament on November 26, aiming to address a spending gap of at least £30 billion. The budget is expected to include measures targeting the cost of living crisis, amidst pressure from Labour Party backbenchers and bond markets for fiscal responsibility.

Chancellor Rachel Reeves is set to announce a budget aimed at addressing the UK's cost of living crisis, a pivotal moment for the Labour government led by Keir Starmer. The budget, scheduled for November 26, is expected to include significant tax increases to cover a £20 billion spending gap and to stabilize the economy amidst lower growth forecasts.

Chancellor Rachel Reeves announced a 4.1% increase in the national minimum wage, raising it from £12.21 to £12.71 per hour for workers over 21, effective from April. This change is expected to benefit approximately 2.4 million low-paid workers, increasing their annual earnings by around £900.