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The Latest Breaking News from OBR

Warning millions more could be stung by Reeves’ tax raid on pensions

A 2,000-a-year cap on salary sacrifice contributions will come into effect from 2029

The Independent UK

Warning issued over new salary sacrifice rules set to impact pensions

The schemes enable people to maintain their take-home pay as they end up paying lower national insurance contributions

The Independent UK

Salary sacrifice pension changes ‘could see people on modest incomes losing out’

From 2029, salary-sacrificed pension contributions above an annual £2,000 threshold will no longer be exempt from national insurance contributions.

Evening Standard

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OBR has ‘earned people’s trust’ despite budget leak, says former chairman

Richard Hughes resigned from the Office for Budget Responsibility (OBR) in December over the mistaken early publication of its forecasts.

The Independent UK

Rachel Reeves sets early March date for spring statement as OBR prepares forecast

Treasury announces 3 March date to prioritise ‘stability and certainty’ after criticism of buildup to November budget

The Guardian - UK

‘Little Christmas cheer’ for Reeves as borrowing figures higher than forecast

A borrowing figure of £11.7 billion last month was higher than the £10 billion expected.

Evening Standard

FCA prepared to tweak car loan compensation scheme after pushback, boss says

The Financial Conduct Authority’s consultation on its proposed motor finance redress scheme closed last week, with more than 1,000 responses.

Evening Standard

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MPs announce inquiry into work of Office for Budget Responsibility

Treasury committee will examine agency’s forecasting record and discover where it ‘needs to do better’

The Guardian - UK

Reeves admits Budget leaks were ‘extremely damaging’ but insists she wasn’t to blame

Chancellor hits out at ‘too many leaks’ and says inquiry is underway to root out the person responsible

The Independent UK

Reeves: PM and I decided ‘as a team’ not to hike income tax

The Chancellor also said a leak revealing she had dropped plans for an income tax rise was ‘incredibly damaging’.

Evening Standard

Resign over Budget briefing chaos, Reeves urged as she orders leak inquiry at the Treasury

Chancellor Rachel Reeves has been urged to resign over the chaos in the run up to her financial statement

Evening Standard

Ministers urged to close £2bn tax loophole in car finance scandal

Banks and specialist lenders will not pay tax on compensation payouts, sidestepping 2015 rule

The Guardian - UK

Friday briefing: After constant leaks and a resignation, is the OBR still fit for purpose?

In today’s newsletter: Critics say the OBR’s growing influence has outpaced its accountability, raising questions about whether it serves the public, the Treasury, or the markets

The Guardian - UK

Treasury launches inquiry into budget leaks with ‘full support’ of Rachel Reeves

It comes after major policies such as freeze on income tax thresholds were reported in chaotic build-up to budget

The Guardian - UK

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The Independent UK

Hunt launched for sources of pre-Budget leaks after Reeves criticism

The leaks culminated in the unprecedented early publication of the Office for Budget Responsibility’s economic and fiscal outlook

Evening Standard

Treasury minister: inquiry into pre-Budget leaks under way

James Murray, a Treasury minister, told MPs that a leak inquiry is ‘under way with the full support of the Chancellor’.

The Guardian - UK

Spoilt for choice, Conspiracy Kemi grabs wrong end of every stick

After the budget there should have been easy wins for Badenoch at PMQs but the Tory leader just can’t help herself

Evening Standard

Badenoch: Reeves could be prosecuted for market abuse over claims before Budget

The Chancellor has faced accusations she misled voters by overstating the scale of the fiscal challenge, but has denied doing so.

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The Independent UK

Reeves accused of forcing OBR chief to quit after watchdog revealed truth about Budget black hole

Tory leader Kemi Badenoch led the accusation about Richard Hughes, the former chair of the Office for Budget Responsibility

Evening Standard

Keir Starmer to face PMQs amid continued Budget questions

The OECD has warned tax hikes and reduced spending will act as a ‘headwind’ to the UK economy over the next two years.

The Guardian - UK

OBR chief’s exit may ease pressure on Rachel Reeves but the battle isn’t over

With the row deepening over budget leaks, who is most likely to replace Richard Hughes in the increasingly thankless role of chair?

The Independent UK

DWP chief paves the way for more benefit cuts as Starmer warned over spending

The OBR projects that Labour has added £11bn on to public spending – largely to pay for welfare reversals

The Guardian - UK

Reeves and Starmer are a two-for-one deal – if she goes, he goes. What a cheering thought

It’s week two of budget black-hole gate. When will it all end? Probably after the May elections, says Guardian columnist Marina Hyde

The Independent UK

Labour warned of fresh economic hit as Brexit accelerates high-skilled ‘brain drain’ from UK

‘None’ of the Labour chancellor’s measures will ‘have a material effect’ on growth, Richard Hughes, the chair of the OBR, has said

The Guardian - UK

OBR complained to Treasury before budget about leaks spreading ‘misconceptions’

Official tells MPs there was lots of information appearing in the press that ‘wasn’t particularly helpful’

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