Oral Answers to Questions

Mel Stride Excerpts

Tuesday 9th December 2025 Commons Chamber

[Mr Speaker]

I call the shadow Chancellor.

[Sir Mel Stride (Central Devon) (Con)]

The process surrounding the Budget was utterly chaotic. We had months of damaging speculation, fuelled by briefings and leaks from the Treasury itself. They included briefings on 14 November that moved markets and gave the appearance, at least, of being deliberately inaccurate, which is why we need the Financial Conduct Authority to investigate. May I ask the Chancellor a simple question? Did she at any point authorise or allow confidential details of the Budget or the forecast to be briefed to the press—yes or no?

[Rachel Reeves]

No.

[Sir Mel Stride]

The Office for Budget Responsibility’s own guidance states:

“The interim rounds are transmitted to the Chancellor in confidence”.

Yet the Chancellor repeatedly stated before the Budget that the OBR had downgraded its productivity forecast. In her statement in Downing Street on 4 November, she said in relation to the OBR’s forecast that

“it is already clear that the productivity performance…is weaker than previously thought.”

Why did the Chancellor breach the confidentiality of the OBR?

[Rachel Reeves]

In its spring statement, the OBR was clear that productivity was coming in lower than forecast, and it was clear that it was reviewing that over the summer. The numbers that the OBR has since published showed that in the final pre-measures forecast the fiscal headroom was just over £4 billion. I was clear in my speech on 4 November that I did not want to reduce the headroom; I wanted to increase it. I increased it to bring back the stability that is much needed in our economy after 14 years of Conservative government.