Budget: Press Briefings

Baroness Neville-Rolfe Excerpts

Tuesday 18th November 2025 Lords Chamber

[Baroness Neville-Rolfe (Con)]

My Lords, two weeks ago the Chancellor held an unprecedented press conference at Downing Street. As a result, everyone believed that income tax rates would be increased in the Budget. However, last Friday, the Financial Times, obviously briefed by Downing Street, said that this plan had been scrapped, leading to an instant increase in bond rates and debt servicing costs. Has the Treasury launched an investigation into the source of this and related leaks? If not, why not? Is it that the source of such leaks is all too obvious—the noble Lord’s political friends?

[The Financial Secretary to the Treasury (Lord Livermore) (Lab)]

I am grateful to the noble Baroness for her question. She claims that it is unprecedented for a Chancellor to comment on the economic situation ahead of a Budget. I do not think it is in any way unusual; there is always speculation ahead of it. As she knows, I am not going to speculate on the next Budget now or comment on any individual tax measure, nor will I comment on the ongoing Budget process. The Chancellor has asked the OBR to produce a new forecast. The OBR and the Treasury exchange information throughout the forecast process, which is usual practice, established over many years. The Chancellor will then take decisions based on that forecast and set out our fiscal plans in the Budget. She has been very clear that the Budget will protect the NHS, reduce the cost of living and reduce the national debt. We will continue to rebuild the economy after 14 years of failure from the party opposite.