Burnham turns to ex-OBR and Bank of England chiefs on economic policy Politics Andy Burnham has turned to a crop of heavyweight economic advisers, including a former Bank of England economist and the ex-head of the Office for Budget Responsibility, in a bid to bolster his economic credentials ahead of a potential Labour leadership challenge, it has been reported. The new MP for Makerfield has sought advice from [...]
Reeves warned Iran war oil shock will lead to government borrowing spike Economics Chancellor Rachel Reeves has been warned that government borrowing is set to spike as a result of the Iran war as the Office for Budget Responsibility admitted it had underestimated the effects of the last energy price shock. In a review of its forecasting models, the OBR suggested it had learned lessons from Russia’s full-scale [...]
OBR chiefs warn jostling Labour MPs against fiscal rules change Economics Office for Budget Responsibility chiefs have warned Labour activists against changing the fiscal rules and overall framework to account for longer term impacts of government investment. The OBR’s David Miles and Tom Josephs said a ten-year forecast horizon would make for a “less credible” economic report and may not have any impact on bond investors. [...]
Exclusive: OBR calculations suggest Reeves set for borrowing spree May 6, 2026 The Office for Budget Responsibility’s own calculations on the impact of a war in the Middle East suggest that Rachel Reeves is set to oversee a surge in borrowing, CityAM has found. Sir Keir Starmer and Reeves have said that the government’s focus on “stability” has added protections to public finances and helped the [...]
Labour peer tells Reeves not to use headroom as ‘piggy bank’ for spending April 28, 2026 A Labour peer has urged Chancellor Rachel Reeves to avoid using her larger fiscal headroom as a “piggy bank” to fund extra government spending increases. A report by senior House of Lords members said the Chancellor should add further protections to public finances, leaping to the defence of the Office for Budget Responsibility for improving [...]
Farage slammed over pledge to keep ‘unsustainable’ triple lock pension April 2, 2026 Nigel Farage’s Reform UK has come under fire after committing to maintaining the triple lock pension, the financial mechanism that ensures pensioners’ earnings are increased by whatever is higher out of inflation or wage growth even in times of economic crisis. In a press conference on Thursday, Treasury spokesman Robert Jenrick said pensioners were worried about [...]
Housebuilder hopes raised as government pledges 200k homes in new town scheme March 23, 2026 Housebuilders are hoping for a boom in construction after the government pledged nearly 200,000 new homes as part of its new town programme, though it has cut five potential sites from its shortlist. Labour’s housing and communities department is billing the scheme as the most ambitious housebuilding plan in the last 50 years, with seven [...]
Borrowing costs soar to post-financial crisis high in blow to Reeves March 20, 2026 UK government borrowing costs have soared to their highest level since the Great Financial Crisis in 2008, with markets frightened by the state of public finances in the face of another global price shock. Gilt yields have inched up over the course of the week, with the ten-year gilt yield topping 4.9 per cent on [...]
Labour’s housebuilding target ‘impossible the day it was announced’ says construction boss March 11, 2026 Labour’s housebuilding target was impossible the day it was announced, the boss of a leading construction materials firm has warned. Rob Wood, chief executive of materials specialist Breedon Group, told CityAM the government’s plans to build 1.5m homes by the next general election will fail because Labour is not backing its construction industries. Wood [...]
OBR warns inflation could exceed three per cent if Iran crisis continues March 10, 2026 Inflation is set to jump back up above three per cent if the rise in oil prices is sustained, a government watchdog has warned, amid fears the energy crisis in the Middle East could drag on. The Office for Budget Responsibility (OBR)’s David Miles said the current rise in oil and gas prices would add [...]