Income tax thresholds will be frozen for another three years, to 2030-31 in budget, Reuters says
More from Reuters.
UK’S OBR- TOTAL GROWTH IN NOMINAL GDP OVER THE FORECAST IS ONLY AROUND 1 PERCENTAGE POINT LOWER THAN IN MARCH AND IS MORE TAX RICH
UK’S OBR: THIS BUDGET EXTENDS THE FREEZES OF PERSONAL TAX THRESHOLDS FOR A FURTHER THREE YEARS FROM2028-29 TO 2030-31
Key events
OBR apologises for accidental early release of its budget report
The OBR has apologised for releasing its report earlier, Alex Wickham from Bloomberg reports.
The OBR has apologised for the early upload of its budget forecast
It’s blamed a technical error and launched an investigation
OBR says it will make sure it never happens again
OBR downgrades medium-term productivity growth to 1%, from 1.3% forecast in March
This is from Reuters.
Britain’s Office for Budget Responsibility cut its medium-term productivity growth forecast to 1%, down from the 1.3% guidance it provided in March, according to estimates by the country’s budget watchdog published on its website on Wednesday ahead of finance minister Rachel Reeves’ budget statement.
“The UK’s productivity performance has undershot our forecasts, despite several substantial downgrades since 2010, as a significant rebound from recent negative shocks has not materialised,” the OBR said.
The downgrade was not a result of any particular government policies, the OBR said, adding that it was connected to global trade policy and other structural trends likely to affect Britain’s productive potential in future.
Budget to create £22bn headroom, OBR report says
Here are more Reuters snaps from the OBR report.
UK’S OBR: AROUND THREE-QUARTERS OF THE PLANNED REDUCTION IN BORROWING OVER THE NEXT FIVE YEARS NOW COMES FROM TAX INCREASES
UK’S OBR: IN CENTRAL FORECAST, THE GOVERNMENT’S FISCAL MANDATE FOR THE CURRENT BUDGET TO BE IN BALANCE IN 2029-30 IS MET BY A MARGIN OF 22 BILLION POUNDS
UK’S OBR: BUDGET POLICIES INCREASE SPENDING IN EVERY YEAR AND BY £11 BILLION IN 2029-30
Davey asks Starmer if he will launch in inquiry into Russian infiltration into our politics in the light of the Nathan Gill conviction.
Starmer says Reform UK should be investigating the party’s Russia links. But they are not, he says.
OBR leak shows taxes rising to a record high, Lib Dem leader Ed Davey says
Ed Davey, the Lib Dem leader, says the OBR figures out now show that taxes are rising to a record high.
Starmer says details of budget will be out in the next few minutes.
The entire OBR economic and fiscal outlook has leaked.
It appears it was uploaded onto the OBR’s website by mistake.
Badenoch asks about speculation that Angela Rayner could come back. She says someone who paid the wrong tax should not be allowed back that quickly.
Starmer says Rayner is a great example of social mobility.
Badenoch says Starmer asked Morgan McSweeney, his chief of staff, to investigate, and McSweeney decided that McSweeney was not to blame for the leak.
Starmer says, while Badenoch is scrolling through Twitter, the government is getting on with addressing the cost of living.
Badenoch asks Starmer to say on the record that none of his staff have briefed against cabinet ministers.
Starmer says no one in No 10 briefed against cabinet ministers.
Badenoch calls for inquiry into budget leaks
Badenoch asks if Starmer will launch an inquiry into the budget leaks.
Starmer says the budget is 25 minutes away. He does not call for a leak.
(But, given a leak of this seriousness, there is bound to be one.)
Kemi Badenoch starts by paying tribute to the farmers.
She says the leaks have been a shambles. And she says the OBR’s forecast has leaked in the last few minutes.
Starmer says the biggest shambles reccently was the Liz Truss budget that Badenoch welcome.
Starmer confirms that rail fares are being frozen.
And he says the minimum wage is going up.
The Tories oppose the minimum wage rise, he says.
Keir Starmer starts PMQs by saying he knows what it feels like to sit in a family worried about bills.
That is why the budget will cut the cost of living.
That’s why we’re rolling out free breakfast clubs, free childcare and free school meals.
But today we’ll be going further to deliver the change we were elected to bring about cutting NHS waiting lists, cutting the national debt, cutting the cost of living.
Reuters says:
UK’S OBR- THERE IS STILL SIGNIFICANT UNCERTAINTY ABOUT THE FUTURE DIRECTION OF US AND GLOBAL TRADE POLICY, WITH THREATS OF HIGHER TARIFFS ON MANY TRADING PARTNERS
Reuters says:
UK’S OBR: DEBT RISES AS A SHARE OF GDP FROM 95 PER CENT OF GDP THIS YEAR AND ENDS THE DECADE AT 96 PER CENT OF GDP
Reuters says:
UK’S OBR- TAKING INTO ACCOUNT FORECAST AND POLICY CHANGES, BORROWING IS PROJECTED TO FALL FROM 4.5 PERCENT OF GDP IN 2025-26 TO 1.9 PER CENT OF GDP IN 2030-31
Reuters says:
UK’S OBR: FREEZES TO PERSONAL TAX THRESHOLDS ARE EXPECTED TO RAISE £8.3 BILLION IN 2029-30
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