Newscast The Budget: It’s Finally Here!
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Nov 26, 2025 
Ben Chu, a policy correspondent at BBC Verify, and Darshini David, the BBC's Deputy Economics Editor, delve into the intricacies of the recent budget announcement. They discuss the £26.1 billion in tax increases laid out by Chancellor Rachel Reeves and the implications for households. Highlights include the controversial pension salary sacrifice cap and how the income threshold freeze could affect low earners. They also explore reactions from various political parties and the challenges that still loom ahead for the Chancellor.
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OBR Leak Upstages Budget Day
- The OBR accidentally published the Economic and Fiscal Outlook two hours early, revealing the budget's numbers in full before the Chancellor spoke.
- That leak forced immediate public analysis and embarrassed the OBR, which vowed a review.
Large Tax Rises Total £26.1bn
- The budget includes around £26.1bn of tax rises by 2029-30, a substantial but slightly smaller take than last year.
- Ben Chu highlights that the scale and breakdown of these measures matter politically and economically.
Threshold Freeze Creates Fiscal Drag
- Freezing income tax and national insurance thresholds effectively raises taxes over time via fiscal drag as wages and inflation rise.
- Chris Mason notes this pushes more people into higher tax bands without changing rates.
