Politics At Sam and Anne's Budget 2025: What Rachel Reeves didn’t say
Nov 26, 2025
The hosts dive into the chaos of a budget revealed ahead of time, analyzing its impact on politics and the economy. They discuss the staggering tax increases and how they aim to protect certain voter groups. The conversation touches on the bleak growth forecast and business concerns. With a lack of a solid growth plan, reactions from both the opposition and the governing party are examined, sparking questions about political survival for the chancellor. Finally, they look at who benefits and who loses, alongside public sentiment around the budget's measures.
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OBR Leak Shifted The Narrative
- The OBR accidentally published the full budget early, undermining Rachel Reeves's planned messaging and changing the day's dynamics.
- Sam Coates says the leak made selling the budget harder despite factual accuracy in the Commons speech.
Speech Framing Clashes With The Numbers
- Rachel Reeves framed the budget as necessary for NHS, cost of living and debt but the numbers tell a different story.
- Sam Coates notes living standards slowdown, no big NHS windfall and rising debt undercut her narrative.
Historic Tax Rise Fueled By Political Constraints
- The budget raises taxes to historically high levels to pay for welfare choices and meet Reeves's fiscal rules.
- Anne McElvoy calls it a major historic tax-raising budget driven by political constraints from Labour MPs.