Funding the Future Reeves’ Budget disaster
Nov 26, 2025
Rachel Reeves' 2025 Budget is under fire for its contradictory nature and lack of fresh ideas. Tax increases targeting ordinary citizens are criticized, while the wealthy continue to avoid fair contributions. Key economic forecasts are deemed unrealistic, raising fears of market crashes. The budget's connections to ongoing Tory policies are highlighted, questioning Labour's credibility. Richard Murphy argues that neoliberalism has failed to deliver growth, setting the stage for a political fallout as Reeves' budget loses credibility before even being presented.
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Live Response Outside The BBC
- Richard Murphy describes broadcasting with Jeremy Vine about the budget and arriving at the BBC.
- He uses this setting to frame his immediate critique that the budget was a disaster before the speech began.
Budget Built On Flawed Forecasts
- Rachel Reeves' 2025 Budget relied on unrealistic forecasts and leaked OBR assumptions that undermined credibility.
- Richard Murphy argues the projected economy and market stability underpinning the budget are implausible and will fail to materialise.
Ordinary Workers Bear The Burden
- The budget raises £26bn in taxes and increases costs by £12bn, hitting ordinary working people hardest.
- Murphy highlights missed higher-yield wealth taxes and measures that would have shifted the burden away from workers.