The chancellor’s opening remarks are somewhat overshadowed by the fact that the Office for Budget Responsibility’s (OBR) assessment of her budget’s impact were accidentally published early, in an unprecedented gaffe that the shadow chancellor, Mel Stride, called “outrageous”.At the dispatch box, Reeves opens by saying it was “deeply disappointing” and a “serious error” on the OBR’s part.“We are rebuilding our economy,” she says, pointing to trade deals with the US, India and the EU, planning reforms, an overhaul of the visa system and a change of fiscal rules to raise public investment to a four-decade high. She once again refers to the £22bn “black hole” in the public finances left by the Conservatives, saying that taxes on the wealthiest have helped close the gap and fund the NHS.She criticises opponents who think the only good thing the state can do is “get out of the way”.“Working people demanded and deserved change,” she says. “I said there would be no return to austerity and I meant it … I said I would cut the cost of living and I meant it … I said I would cut debt and borrowing and I meant it.”Rowena Mason, Whitehall editor: Reeves has mounted a defence of her approach of sticking to her fiscal rules, and opting squarely for tax rises rather than spending cuts to balance the books.Income tax and national insurance
Budget 2025: key points at a glance
Rachel Reeves has announced her financial update – here are the main points, with political analysis














