The chairman of the Office for Budget Responsibility (OBR) has resigned after the body “inadvertently” released details of the Chancellor’s Budget before she announced them. Richard Hughes took the hit a day before he was due to appear in front of the Treasury Select Committee to answer questions about the Budget. This led to accusations from Tory leader Kemi Badenoch that Hughes was being used by Rachel Reeves as a “human shield” to deflect from accusations she had misled the public on the size of the deficit. She added: “If leaks are a resignation matter, then the Chancellor should be at the front of the queue to resign because she’s been leaking her Budget throughout the summer.” Nigel Farage, the Reform UK leader, added: “Whatever the failings of the OBR, they have not wilfully attempted to mislead the British public. The wrong person has resigned today, it should have been Rachel Reeves.” Andrew Griffith, the shadow business secretary, joined Farage in calling for correspondence between OBR and the Treasury in the run-up to the Budget to be released.

Peel Hunt CEO Steven Fine has expressed optimism about the UK’s financial stability following the recent Budget. He noted that markets reacted positively, with gilt yields dropping and the stock market nearing record highs. Fine stated: “The market thinks this is quite stable.” He acknowledged the Budget’s measures to stimulate London’s stock market but deemed them insufficient.

The Confederation of British Industry reports a steep fall in optimism in Britain’s services sector in the three months to November, with ongoing cost pressures eroding profits and last week’s Budget unlikely to spark a rebound in morale. “Last week’s Budget will add further costs to businesses, while also hampering business investment and profitability, notably with the addition of national insurance contributions to salary sacrifice pension contributions and failure to address punitive business energy costs,” CBI official Charlotte Dendy said.

Consumer spending in the UK is faltering, impacting economic growth forecasts for 2026. Data from MRI Software reveals a 2% decline in visitors to shopping destinations on Black Friday, with a 7.2% drop compared to last year. “The cost of living squeeze appears to be weighing on overall activity,” said Jenni Matthews from MRI.

UK manufacturing has shown signs of recovery, with the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) rising to 50.2 in November, up from 49.7 in October. This marks the first growth in over a year. Rob Dobson, director at S&P Global Market Intelligence, said: “It will be interesting to see the extent to which business might react to the absence of any significant growth-promoting measures. After all, despite the improvement in the performance of the manufacturing sector, any growth is still worryingly weak.”

New research by Wealth Club reveals that wealthy investors are increasingly sceptical about the UK as a viable location for business and investment. Approximately 64% of respondents believe the UK is not a good place to establish a company, while 47% feel the same about investing. A staggering 79% think the UK fails to adequately support wealth creation. Despite this pessimism, 30% of investors report feeling wealthier than last year. Wealth Club founder Alex Davies stated: “This is a great shame – and should be a wakeup call for the Government.”

NatWest Group is acquiring a minority stake in Bourn, a London-based fintech aimed at resolving cashflow issues for SMEs. The investment is part of a £3.5m funding round, which will support the rollout of Bourn’s Flexible Trade Account (FTA). NatWest’s involvement aims to enhance cashflow access for its mid-market customers and support fintech innovation, according to Ladi Greenstreet, head of strategic investments at the bank.

Top consultancies have frozen starting salaries for three years, citing AI’s impact on hiring practices and productivity, leading to reduced demand for junior employees.

Harbour Energy, a major North Sea oil and gas producer, plans to cut 100 jobs due to low commodity prices and the UK’s uncompetitive tax regime. This follows previous redundancies of 350 in 2023 and 250 in May 2024. The energy profit levy, which takes up to 78% of profits, remains in place until 2030 despite industry protests. The consultation for the latest cuts is expected to conclude before the first quarter of next year.

The Scottish Government has introduced a new online portal to connect owners of empty homes with potential buyers. The initiative, part of a £2m investment, aims to address the housing emergency in Scotland. Housing Secretary Mairi McAllan stated: “Making best use of existing housing stock is central to tackling the housing emergency.” The portal follows successful local pilots, allowing first-time buyers, families, and developers to inquire about purchasing empty properties.