How Rachel Reeves's budget was leaked 40 minutes early

"Shortly before midday on Wednesday, a series of headlines about Rachel Reeves's budget began appearing on the Reuters newswire, sending instant ripples though financial markets. The details were jaw-dropping: they appeared to spell out the key policies of the chancellor's budget more than 40 minutes before she was due to deliver them to a crowded Commons chamber. UK OBR ECONOMIC AND FISCAL OUTLOOK: BUDGET TAX RISES RAISE 26.1 BLN STG BY 2029-30, read an alert published at 11.41am."

"As the Reuters snaps flowed, bond prices and sterling began moving as markets hastily executed billions of pounds of trades. The yield in effect the interest rate on 10-year UK government bonds initially dropped by four basis points, while the pound jumped by 0.3% on the news that the chancellor had built a significantly larger than anticipated fiscal buffer. Richard Hughes, the OBR chair. Photograph: Charlie J Ercilla/Alamy"

The Office for Budget Responsibility uploaded its Economic and Fiscal Outlook report prematurely, releasing detailed fiscal and tax figures before the chancellor's Commons statement. A Reuters alert at 11.41am revealed projected tax rises raising £26.1bn by 2029-30, prompting immediate market reactions and rapid trades. Ten-year gilt yields fell by four basis points and the pound rose 0.3% on the unexpectedly large fiscal buffer. Downing Street and Treasury figures quickly realised the premature upload, with Rachel Reeves and ministers checking phones and passing notes. The OBR issued an apology and opened an internal investigation. Budget details are normally kept secret until the Commons announcement.

Read at www.theguardian.com