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Politics Weekly UK

The budget: Labour’s big tax and spend gamble

Politics Weekly UK

The Guardian

News, Politics

4.01.4K Ratings

🗓️ 26 November 2025

⏱️ 28 minutes

🧾️ Download transcript

Summary

John Harris, Pippa Crerar and Kiran Stacey give their reactions to the chancellor’s autumn budget. Has Rachel Reeves done enough to silence her critics?. Help support our independent journalism at theguardian.com/politicspod

Transcript

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0:00.0

This is The Guardian.

0:10.3

Madam Deputy Speaker, it is my understanding that the Office of Budget Responsibilities

0:15.7

economic and financial outlook was released on their website before this statement.

0:21.1

This is deeply disappointing and a serious error on their part.

0:25.7

There was chaos up until the last moment for Rachel Reeves and her second budget,

0:30.2

as the OBR accidentally published its report before she even stood up to make her speech.

0:35.4

Most of what she announced looks like traditional labour tax and spend stuff.

0:39.7

But will it pull the government out of its rut?

0:42.1

I'm John Harris and you're listening to Politics Weekly UK for The Guardian.

0:50.4

Joining me today are my Politics Weekly co-host, political editor Piper Kiraira, and our policy editor, Kieran Stacey. Good afternoon to you both. Hello. Hello. Right, Pipp, I'm going to talk to you momentarily. This budget arguably was like the average British Christmas. The build-up was far too long. When it arrived, it was something of an anti-climax, and everyone started arguing pretty quickly. Worse still, everybody found out the presence

1:13.0

they were getting or not getting

1:14.2

some while before the official announcement

1:16.1

because of a mistake at the Office of Budget Responsibility.

1:19.8

This morning we have seen an unprecedented leak

1:23.1

of the OBR's Economic and Fiscal Outlook report

1:27.0

before the budget.

1:29.8

This report contains market-sensitive information.

1:34.0

It is utterly outrageous that this has happened.

1:38.3

And this leak may indeed constitute a criminal act.

1:43.3

Whereupon certain political journalists, certainly on the broadcast media,

1:46.0

acted as if this was a mishap of epochal proportions, it's not really, is it?

1:50.6

But it was unfortunate.

...

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