Budget 2025 - Richard Murphy - Rachel Reeves' budget a tale of disaster hidden in the detail

27th November 2025

Rachel Reeves says her budget delivers stability. The Office for Budget Responsibility's charts tell a very different story.

High interest rates, low investment, falling profitability, rising unemployment and no improvement in household incomes. This government is putting finance first, and people last.

In this video, I break down the OBR data — ignored by the headlines — and show what it means for growth, homes, jobs and Britain's future. We can do better. And I've published the budget that shows how.

Download my alternative budget — available at
https://www.taxresearch.org.uk/Blog/downloads/