November 2025 United Kingdom budget

Last updated

26 November 2025 United Kingdom budget
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CountryUnited Kingdom
Parliament 59th
Party Labour Party
Chancellor Rachel Reeves
Total revenue£1.304 trillion
Total expenditures£1.416 trillion
Deficit £112 billion
‹  March 2025
2026 spring statement›
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The November 2025 United Kingdom budget was delivered to the House of Commons by Rachel Reeves, the Chancellor of the Exchequer, on 26 November 2025.

Contents

Background

In an interview with Sky News' political editor Beth Rigby on 22 November 2025 at the 2025 G20 Johannesburg summit, Keir Starmer refused to rule out implementing manifesto-breaking tax hikes in the budget. [1]

Office for Budget Responsibility leak

Prior to the reading of the budget speech, the OBR’s Economic and Fiscal Outlook report for the November 2025 budget was accidentally published, [2] [3] revealing the entirety of the measures set out in the Chancellor's statement. [4] An internal investigation into the leak, led by the OBR’s Chief of Staff Laura Gardiner, was published on 1 December 2025. It described the leak as, "the worst failure in the 15 year history of the OBR," and that "ultimate responsibility" for the leak lay with "the leadership of the OBR." As a result, Richard Hughes, the OBR chair, resigned on 1 December. [5]

References

  1. ↑ Sky News
  2. ↑ "OBR leak - why does it matter and what is the Office for Budget Responsibility?". Yahoo News. 27 November 2025.
  3. ↑ "MSN". www.msn.com.
  4. ↑ "OBR apologises over pre-Budget leak". BBC News. 26 November 2025. Retrieved 26 November 2025.
  5. ↑ Fleming, Sam; Parker, George; Smith, Kieran. "Head of UK fiscal watchdog quits after Budget leak". FT.com. The Financial times Ltd. Retrieved 1 December 2025.
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