The Slow Newscast Inside the Treasury
Dec 2, 2025
Rachel Sylvester, a sharp reporter for The Observer known for her in-depth investigations, dives into the intricacies of the latest Treasury budget. She reveals how a leaked OBR report rattled market expectations and recounts tense meetings with key players like Torsten Bell. Sylvester explores bold ideas like mansion taxes and council tax reform, while also discussing the political pressures that led to last-minute U-turns. Ultimately, she critiques the budget's inability to deliver meaningful reforms amidst a backdrop of cautious political maneuvering.
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OBR Leak Upended Budget Plans
- The OBR accidentally published the budget analysis before delivery, creating market-sensitive chaos and embarrassment for the Chancellor.
- The leak amplified political risk and undermined the intended impact of Rachel Reeves' budget messaging.
Fiery Budget Board Kickoff
- Torsten Bell launched into a 45-minute, profanity-laced tirade at the first Budget Board meeting that set a frenzied tone.
- Attendees described the meeting as excitable and shockingly volatile, unsettling some participants like Minouche Shafiq.
Ambitious Ideas Met Political Pushback
- The Budget Board explored radical wealth-focused reforms like a mansion tax, exit charges and rejoining the EU customs union.
- Many of these ideas appealed to Treasury thinkers but faced political and business pushback.