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The OBR confirmed Rachel Reeves’ Budget ‘raises taxes by amounts rising to £26 billion in 2029-30’.
David HughesWednesday 26 November 2025 12:12 GMT
Details of the Chancellor’s Budget were leaked by the OBR (PA) (PA Wire)
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The UK’s economy will grow more slowly than predicted over the next four years, according to a forecast that was published early in a Budget blunder.
The Office for Budget Responsibility (OBR) forecast gross domestic product would grow by 1.5% this year, an increase from its earlier 1% forecast.
But it downgraded growth in 2026 from 1.9% to 1.4%, in 2027 from 1.8% to 1.5%, in 2028 from 1.7% to 1.5% and in 2029 from 1.8% to 1.5%.
The OBR document also confirmed Rachel Reeves’s Budget “raises taxes by amounts rising to £26 billion in 2029-30, through freezing personal tax thresholds and a host of smaller measures”.
