Overview

• Treasury confirmed the 26 November date and commissioned the OBR to produce forecasts on the statutory 10‑week timetable.
• Rachel Reeves pledged a tight grip on day‑to‑day spending to lower inflation and borrowing costs, while trailing a push on productivity and growth measures.
• Thirty‑year gilt yields hit their highest levels since 1998 and sterling weakened, with some easing in yields after the Budget date was set.
• Economists flag a sizeable fiscal gap—estimates range from roughly £20bn to over £40bn, with some citing £51bn—while higher yields add more than £3bn to debt interest and policy reversals add over £6bn to spending.
• Reeves has ruled out rises in income tax, VAT and employee NI, and reporting points to possible options under review such as capital gains changes or a gambling levy, as political debate intensifies over No 10’s recent reshuffle.