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Rachel Reeves Accused Of Misleading Voters Over State Of UK Economy Ahead Of Budget

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Rachel Reeves has been accused of misleading voters by claiming there was a huge hole in the government’s finances which did not actually exist.

Treasury officials briefed that the chancellor needed to raise around £20 billion in the Budget to balance the nation’s books.

Reeves herself even held a highly-unusual pre-Budget press conference in Downing Street on November 9 in which she refused to rule out putting up income tax – a move which would have broken a key Labour manifesto pledge.

Later that week, she told Radio 5Live that deep cuts in public spending would be needed if she did not increase income tax rates.

But days later the Financial Times revealed that Reeves had decided not to put up income tax rise after all.

Treasury sources said that was because the Office for Budget Responsibility’s (OBR) forecasts showed the economy was in better shape than previously thought.

But figures released by the OBR on Friday showed that fully two weeks before that U-turn, their assessment was that there was no black hole at all.

Reeves hiked taxes by £26 billion in the Budget as she massively increased public spending, including on welfare.

Tory leader Kemi Badenoch said the chancellor had “lied to the public” and should be sacked.

Posting on X, she said: “Her Budget wasn’t about stability. It was about politics: bribing Labour MPs to save her own skin. Shameful.”

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Yet more evidence, as if we needed it, that the Chancellor must be sacked. For months Reeves has lied to the public to justify record tax hikes to pay for more welfare.

Her Budget wasn’t about stability. It was about politics: bribing Labour MPs to save her own skin. Shameful. https://t.co/fR1dNgeUKp

— Kemi Badenoch (@KemiBadenoch) November 28, 2025

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Yet more evidence, as if we needed it, that the Chancellor must be sacked. For months Reeves has lied to the public to justify record tax hikes to pay for more welfare.

Her Budget wasn’t about stability. It was about politics: bribing Labour MPs to save her own skin. Shameful. https://t.co/fR1dNgeUKp

— Kemi Badenoch (@KemiBadenoch) November 28, 2025

Treasury sources denied Reeves had misled the public, and said the OBR calculations had not taken account of things like the government’s decision to reinstate winter fuel payments for pensioners, and the chancellor’s decision to give herself more fiscal headroom, or spare cash.

“I don’t think anyone can suggest she was preparing the country for something that didn’t end up happening,” said one Reeves ally.

A Treasury spokesperson said: “We are not going to get into the OBR’s processes or speculate on how that relates to the internal decision‑making in the build‑up to a Budget, but the chancellor made her choices to cut the cost of living, cut hospital waiting lists and double headroom to cut the cost of our debt.

“We take Budget security extremely seriously and believe it’s important to preserve a private space for Treasury–OBR policy and forecast discussions, so we welcome the OBR’s confirmation that this will not become usual practice.”

However, social media users reacted angrily to the OBR’s figures.

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So…the “blackhole” never existed after all.

There’s spin and then there’s flat-out deception.

Could be a long weekend in No11… https://t.co/5gQdtEpatz

— Tom Swarbrick (@TomSwarbrick1) November 28, 2025

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So…the “blackhole” never existed after all.

There’s spin and then there’s flat-out deception.

Could be a long weekend in No11… https://t.co/5gQdtEpatz

— Tom Swarbrick (@TomSwarbrick1) November 28, 2025