UK government budget announcement leak

The UK government has made its annual budget announcement as it seeks to get to grips with a faltering economic outlook.

However, before the Chancellor of the Exchequer Rachel Reeves could make her announcement at the dispatch box, the details of her budget were leaked accidentally by the Office for Budget Responsibility, the OBR.

Madam Deputy Speaker, it is my understanding that the Office for Budget responsibilities’ economic and financial outlook was released on their website before this statement.

This is deeply disappointing and a serious error on their part.

The Office for Budget Responsibility have already made a statement taking full responsibility for their breach.

Chancellor of the Exchequer, Rachel Reeves

• UK budget announcement spells more pain for the British
  

  UK budget announcement spells more pain for Brits

  In London, finance minister Rachel Reeves unveiled a budget bringing more taxpayer pain amid a weak economy.

The breach adds to perception of a government out of control, and that's before one looks at the budget itself, which opposition figures have said merely punishes working people with higher taxes.

Despite the criticisms made by opposition leaders, economists say they are cautiously optimistic about the budget, but feel that the measures announced could have gone further.

There's still a lot more (that) could have been done. That's what I find disappointing. You know, you're a socialist government, you can implement.

Now this is the first time I've seen a bit of the socialism coming in, which is actually a good thing.

It's putting the public finances on a better path, which is essential, because if we can get the bond yields down, then actually that will help the government, because they've got a lot of debt to pay the interest on.

So that's the thing; she's got to keep that credibility, you don't want to lose that.

I think it maintains the credibility, but I would like to see more.

Professor Keith Pilbeam, Economist, City University, London

• New British government painful first budget
  

  New British govt. announces painful first budget

  The Labor government has announced its budget.

The Labour Party insists the tax rises affect wealthy segments of society, evidenced by higher levies on electric vehicles and a so-called mansion tax on properties worth 2 million pounds and above.

But analysts argue that the issues with the British economy won't be solved solely by measures like these, as there are far more structural in nature.

• UK economic data bespeak bleak future for new government
  

  UK economic data bespeak bleak future for new government

  Official data show UK state debt is as big as the country

Let's not forget, there was one hell of a mess to clean up. But it's not that the country was left in a great state when the Tories left office, and Brexit, which has devastated the public finances.

We've got a report out yesterday (that) the GDP of the UK is between six and 8% lower. If you do the numbers, that's 180 billion, of which 72 billion will be taxes.

So a lot of people are going to complain about rises in taxes.

Maybe they should look into the mirror.

Professor Keith Pilbeam, Economist, City University, London

Before the budget was announced, the OBR quietly removed any mention of growth over the coming years, from their analysis, a sign of difficult times ahead for the British economy.

• UK unemployment rate climbs to four-year high of 5%
  

  UK unemployment rate climbs to four-year high of 5%

  The UK

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.ir

www.presstv.co.uk