A Budget of No Surprises
Chancellor Rachel Reeves delivered her budget speech to the House of Commons with no unexpected announcements, following weeks of policy revelations and media leaks. The highly anticipated address contained exactly what had been trailed over the preceding month, leaving Labour backbenchers looking weary as they listened to the familiar content.
OBR Leak Adds to Pre-Budget Chaos
The drama began just before Prime Minister's Questions when the Office for Budget Responsibility accidentally published the entire budget on its website approximately 90 minutes early. A junior staff member had apparently pressed 'send' without realizing the document's sensitivity, creating momentary panic in government circles.
Rachel Reeves appeared ashen-faced upon hearing the news, immediately reaching for her phone to text Treasury minister Torsten Bell for assistance. The markets, however, remained unmoved by the leak, with borrowing costs actually falling as the budget contained no surprises.
Familiar Territory for Observers
In her one-hour statement, Reeves acknowledged breaking her promise on freezing tax thresholds but blamed 14 years of Tory government, austerity, Brexit, and Liz Truss for necessitating the change. This justification rang somewhat hollow given she had used similar reasoning for raising £40 billion in taxes the previous year.
The chancellor's delivery remained characteristically flat, with public speaking not being her natural strength. Labour MPs waved their order papers performatively, largely because they had achieved their desired outcomes through the extensive pre-briefing process.
Opposition Response Falls Flat
Tory leader Kemi Badenoch had three distinct advantages in her reply: full knowledge of the budget contents thanks to pre-briefing, access to growth and inflation forecasts from the OBR leak, and low expectations from her audience. Despite these advantages, her 20-minute speech failed to land effectively.
Badenoch demanded Reeves resign multiple times in quick succession and made the questionable claim that a £2 million house constitutes an ordinary family home. Her remark 'Don't pretend you're not interested in what I'm saying' highlighted that precisely nobody was paying attention, with Lib Dem MP Steve Darling's dog Jennie stealing the show by performing tricks.
The budget ultimately received a solid five out of ten rating, having survived initial contact with reality. All eyes now turn to the Institute for Fiscal Studies and other economic thinktanks whose analysis will determine the budget's true reception in the coming days.
