Prime Minister's Questions and Budget Statement - 26 November 2025

UK'S OFFICE FOR BUDGET RESPONSIBILITY OUTLOOK: REAL GDP IS FORECAST TO GROW BY 1.5 PER CENT ON AVERAGE OVER THE FORECAST, 0.3 PERCENTAGEPOINTS SLOWER THAN WE PROJECTED IN MARCH, DUE TO LOWER UNDERLYING PRODUCTIVITY GROWTH UK OBR ECONOMIC AND FISCAL OUTLOOK: CURRENT BUDGET SURPLUS MARGIN 21.7 BLN STG IN 2029-30 VS 9.9 BLN STG IN MARCH OMG has the OBR document just leaked? Reuters reporting details from inside the Budget NOW. Blimey. pic.twitter.com/nYv1CuXcca The OBR has broken **the entire Budget**. It's extraordinary. Completely unprecedented. Hyperbole doesn't do it justice Reeves will unveil £26billion in tax rises, ultimately leaving her with £22billion worth of fiscal headroom * The tax burden will hit a record 28 per cent as… Economic and fiscal outlook This Economic and fiscal outlook (EFO) sets out our central forecast and the uncertainties that surround it for the five years to 2030-31, taking account of recent data and government policies announced since our last forecast and up to and including the November 2025 Autumn Budget. The forecasts presented in this document represent our collective view as the three independent members of the OBR’s Budget Responsibility Committee (BRC). We take full responsibility for the judgements that underpin them and for the conclusions we have reached. As always, we have been greatly supported in our work by the staff of the OBR. We are very grateful for their hard work and expertise. We have also drawn on the work and expertise of officials across government in preparing these forecasts. We are grateful for their engagement and insight. During the production of this forecast we learned that a respected former colleague, Pavandeep Dhami, sadly passed away. Pav worked at the O

A link to our Economic and fiscal outlook document went live on our website too early this morning. It has been removed. We apologise for this technical error and have initiated an investigation into how this happened. We will be reporting to our Oversight Board, the Treasury,…

UK Chancellor Reeves: OBR Early Release 'Deeply Disappointing'; OBR Leak A Serious Error On Their Part

UK Chancellor Reeves: Borrowing Will Fall As Share Of GDP In Every Year Of Forecast - There Will Be No Return To Austerity, Will Maintain Investment In Economy And Health Service - This Budget Will Bring Down Inflation UK Chancellor Reeves: Cash ISA Allowance To Stay At £20,000 For Over-65s - Over-65s To Retain Full Cash ISA Tax-Free Allowance - £8K Of £20K ISA Allowance Retained For Investments REEVES: WALES TO HOST TWO AI GROWTH ZONES