A significant event unfolded on Wednesday morning when details of Rachel Reeves’s Budget 2025 were accidentally released by the Office for Budget Responsibility (OBR) approximately 40 minutes before she was due to address the House of Commons. Reuters newswire headlines, appearing shortly before midday, disclosed key policies, sending immediate ripples through financial markets. An alert at 11:41 am detailed tax rises projected to raise £26.1 billion by 2029-30, leading to chaotic moments across newsrooms, trading floors, and Westminster.

Initially, the OBR seemed unaware it had published its highly sensitive economic and fiscal outlook in full on its website. As the news spread, bond prices and sterling reacted, with the yield on 10-year UK government bonds dropping and the pound jumping 0.3% due to a larger-than-anticipated fiscal buffer. Downing Street quickly realized the independent watchdog's error, prompting the OBR to issue a humbling apology and launch an internal investigation. This breach of secrecy, though high-profile, follows a trend of increasing leaks, including George Osborne's 2013 budget, Ken Clarke's 1996 speech, and Hugh Dalton's 1947 leak which led to his resignation. Mel Stride, the shadow chancellor, suggested the latest leak could even constitute a “criminal act,” highlighting its gravity.

Rachel Reeves unveiled a £26 billion tax-raising budget primarily targeting Britain’s wealthiest households, while simultaneously funding the scrapping of the controversial two-child benefit policy and cutting energy bills. She defended these measures, stating that everyone was asked to contribute to repairing public finances, but the wealthiest were expected to pay the most. Despite this, the budget is set to push the tax take to a historic 38% of GDP in five years.

Key tax measures include an additional three-year freeze on income tax and national insurance thresholds, a move Reeves acknowledged would affect “working people” but generate £12.4 billion by 2030-31. This