Reeves Misses Opportunity to End Cycle of Budget Speculation
On 10 December 2025, Reeves appeared before the Treasury Select Committee amid ongoing concerns over a chaotic budget process where she struggled to fully control the narrative. The build-up to the budget was marked by leaks and delays, including the Office for Budget Responsibility (OBR) publishing the budget online 90 minutes before Reeves' statement. Reeves stated that these leaks were unauthorized and unhelpful but did not clearly explain why she reversed signals of an income tax rise.
A Financial Times story on 13 November, which reported the dropping of income tax changes, has been a key focus of the leak inquiry. The OBR had informed Reeves prior to a nudge-and-wink speech that the total funding gap was smaller than initially feared. The final decision on income tax changes was made in consultation with the Prime Minister.
Reeves defended the budget's combination of backdated tax increases and upfront spending pledges, asserting they would not harm economic growth. She also pledged not to impose capital gains tax on primary residences nor to dilute the pension triple-lock.
Committee chair Dame Meg Hillier described Reeves' appearance as a definitive conclusion to the budget process, signaling an end to the cycle of budget speculation.
