British Chancellor Rachel Reeves has reaffirmed her confidence in the country’s independent fiscal watchdog, the Office for Budget Responsibility (OBR), despite a significant operational blunder that saw sensitive budget details published hours ahead of schedule on Wednesday.
The error caused immediate ripples in the financial markets and sparked anger among lawmakers, overshadowing parts of Reeves' major fiscal presentation in the House of Commons on 26 November.
Speaking to Sky News on Thursday, the Chancellor described the premature publication as a "serious breach" of protocol but confirmed she retains full confidence in OBR Chair Richard Hughes.
"I think Richard Hughes does a good job," Reeves said, emphasising the importance of the institution's independence, even as she acknowledged the gravity of the mistake.
The OBR serves as the United Kingdom's independent economic forecaster. Its primary role is to "mark the government's homework," providing credible analysis of the Chancellor's tax and spending plans.
Strict protocols usually dictate that OBR data is released only after the Chancellor has finished speaking to Parliament. This is to prevent market volatility and to uphold the principle that elected Members of Parliament should be the first to hear major policy announcements.
However, on Wednesday, the OBR’s "Economic and Fiscal Outlook" appeared on the watchdog's website while Reeves was still briefing the Cabinet, long before her speech to the House of Commons began.
The early release triggered immediate "market moves," with traders reacting to borrowing forecasts and growth figures before the Chancellor had the chance to contextualise them. Sterling and UK government bonds (gilts) saw increased volatility in the minutes following the accidental upload.
This sensitivity is heightened in the UK following the market crash of 2022, caused by former Prime Minister Liz Truss's "mini-budget," which was released without OBR analysis.
Since taking office, Reeves has staked her reputation on fiscal discipline and stability, making a procedural error of this magnitude particularly embarrassing for the Treasury, even though the fault lay with the independent watchdog.
Investigation launched
OBR Chair Richard Hughes issued a stark apology on Thursday, stating he felt "personally mortified" by the incident.
In an interview with BBC Radio, Hughes confirmed that a rigorous investigation is already underway. To ensure transparency, the probe will be overseen by the chair of the OBR’s oversight board rather than internal management.
Crucially, the OBR has drafted in external expertise to review its digital security and publishing processes.
Professor Ciaran Martin, the former head of the UK’s National Cyber Security Centre (NCSC), will provide expert input into the review.
Hughes stated that the objective of the review is to identify the specific technical or human errors that led to the breach and to implement safeguards "to make sure it will never happen again."
While the opposition Conservative party has seized on the error to criticise the government's competence, Reeves' public backing of Hughes suggests she is keen to draw a line under the incident and refocus attention on the substance of her budget measures.
President of the United States of America Donald Trump has sent a letter of gratitude to President of the Republic of Azerbaijan Ilham Aliyev....
Assistant to the President of the Republic of Azerbaijan, Hikmat Hajiyev, held a series of bilateral meetings on the sidelines of the 23rd Doha Forum ...
The 23rd edition of the Doha Forum commenced on Saturday in the Qatari capital, focusing on the theme “Justice in Action: Beyond Promises to Progres...
A railway hub near Kyiv was struck during a large-scale Russian drone and missile assault, damaging the depot and railway carriages, the Ukrainian sta...
President of the United States of America Donald Trump has sent a letter of gratitude to President of the Republic of Azerbaijan Ilham Aliyev.
Azerbaijan and Uzbekistan have strengthened their energy partnership with the launch of a joint exploration project in the Ustyurt region, highlighting growing strategic cooperation between the two countries.
The 23rd edition of the Doha Forum commenced on Saturday in the Qatari capital, focusing on the theme “Justice in Action: Beyond Promises to Progress.”
The 2026 FIFA World Cup draw at the Kennedy Center in Washington, D.C., has finalized the group stage for the tournament co-hosted by the U.S., Canada, and Mexico, setting the schedule and matchups for next summer’s expanded 48-team event.
Israel was cleared on Thursday to participate in the 2026 Eurovision Song Contest, a decision made by the organisers, the European Broadcasting Union (EBU), which sparked a major controversy.
Pakistan and Afghanistan exchanged heavy fire along their shared border late on Friday, a reminder of how sensitive the frontier remains despite ongoing diplomatic efforts.
Iran’s Foreign Ministry has strongly condemned the Gulf Cooperation Council (GCC) for its support of the claims by United Arab Emirates on three Iranian islands.
Chinese leader Xi Jinping accompanied French President Emmanuel Macron to Chengdu on Friday, a rare gesture seemingly reserved for the head of Europe's second-largest economy that highlights Beijing's focus on Paris in its ties with the European Union.
The 23rd edition of the Doha Forum commenced on Saturday in the Qatari capital, focusing on the theme “Justice in Action: Beyond Promises to Progress.”
A railway hub near Kyiv was struck during a large-scale Russian drone and missile assault, damaging the depot and railway carriages, the Ukrainian state railway company Ukrzaliznytsia reported on Saturday.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 6th of December, covering the latest developments you need to know.
Australia has moved to directly pressure the Taliban leadership, imposing financial sanctions and travel bans on four senior officials it says are responsible for the steady erosion of women’s rights in Afghanistan.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment