6:17 am, November 27, 2025
Chancellor to face more questions after Budget overshadowed by major leak
Rachel Reeves will face further questions after delivering a Budget that raised tax by £26bn but was overshadowed by an unprecedented leak.
While the chancellor faces questions from the media on Thursday, economists at the influential Institute for Fiscal Studies (IFS) and Resolution Foundation think tanks will give their full verdicts on her Budget.
But the Budget announcement was overshadowed by an unprecedented blunder that saw the OBR publish its assessment of the economy and the chancellor’s plans before Reeves had even begun her speech. The OBR apologised, blaming a ‘technical error’, and its chairman Richard Hughes said an internal investigation had been launched to ‘get to the fundamental causes and make sure it doesn’t happen again’.
Budget ‘papers over cracks’, say economists as UK growth forecasts downgraded
Economists have warned that plans by the chancellor to raise the UK tax-take ‘papers over the cracks’ in the economy, as UK growth forecasts from next year were downgraded.
The government’s official forecaster improved its growth forecast for this year but downgraded its predictions for the next four years, while it also pointed to a worsening short-term picture for inflation and unemployment.
The financial markets were broadly positive about the Budget announcement, with government borrowing costs easing,
but gilt yields were shaken earlier on Wednesday after a ‘mistake within the OBR (Office for Budget Responsibility)’ led to its economic outlook document being published early ‘accidentally’.
BMW says goodbye to Z4 with Final Edition
BMW will be ending production of its Z4 roadster with a special ‘Final Edition’ model.
The special model comes with a ‘Frozen Matt Black’ paint finish, which is only available on the Final Edition and hasn’t been offered before on the standard Z4. This paint is then combined with black gloss trim for a stealthy look, though BMW says that buyers can add other colours from the Z4 range at no extra cost. Red brake calipers contrast that primary colour, too.
The Final Edition will be available in sDrive20i specification trim with a 2.0-litre turbocharged petrol engine, or sDrive3i with its upgraded 2.0-litre engine. At the top of the range sits the M40i with its turbocharged 3.0-litre straight-six. Prices will be revealed later.
The markets
The FTSE 100 rose, the pound strengthened, while gilt yields fell on Wednesday as financial markets gave a guarded welcome to Rachel Reeves’s Budget.
The FTSE 100 index closed up 82.05 points, 0.9%, at 9,691.58. The FTSE 250 ended up 268.11 points, 1.2%, at 21,885.52, and the AIM All-Share closed up 1.17 points, 0.2%, at 743.26.
Sterling rose after the Budget, while bond yields eased. The pound was quoted higher at 1.3232 US dollars at the time of the London equities close on Wednesday, compared to 1.3183 dollars on Tuesday.
Three arrested in Hong Kong as tower blocks fire leaves at least 44 dead
Hong Kong’s deadliest fire in years burned through the night, leaving at least 44 people dead and 279 reported missing with rescuers still pulling residents from blazing high-rise apartment buildings into the morning.
Several local media outlets reported that police had arrested three men on suspicion of manslaughter in connection with the fire which began Wednesday afternoon in a housing complex in Tai Po district, a suburb in the New Territories.
By Thursday morning local time, the fire was yet to be put out and rescues continued with the death toll reaching 44.
Head of culture select committee advises against replacing BBC chairman
The head of the culture select committee has advised against replacing BBC chairman Samir Shah and said the board needs to institute some ‘fundamental changes’ amid ‘chaos’ at the corporation.
Dame Caroline Dinenage criticised the evidence Shah gave to MPs earlier in the week, but said it is important the ship is steadied after ‘haemorrhaging of leadership’ following the resignations of director-general Tim Davie and chief executive of BBC News Deborah Turness.
The BBC executives announced their exit in the wake of a leaked memo from former editorial adviser Michael Prescott which raised concerns that a speech by US president Donald Trump, featured in a Panorama episode in 2024, was selectively edited.
Wednesday on Car Dealer
EV drivers to pay 3p per mile from April 2028, while Expensive Car Supplement for EVs raised to £50k
EV drivers will have to pay 3p per mile they drive under a new tax introduced by the chancellor.
In pictures: Relive the party atmosphere at Car Dealer Used Car Awards 2025
The best of the best have been honoured in the Car Dealer Used Car Awards – and you can relive the celebrations with our special picture gallery.
Car Dealer Used Car Awards 2025: Stephen Snow – Lifetime Achievement Winner
The chairman of Snows Motor Group has said he’s ‘humbled’ at winning the Lifetime Achievement Award at the Car Dealer Used Car Awards 2025, eight years after the accolade was posthumously awarded to his late father.
Autumn Budget risks killing demand for new cars and would inflict ‘severe damage’ – SMMT
Budget proposals like a pay-per-mile EV tax and scrapping employee car schemes risk killing demand and would inflict ‘severe damage’ on the UK car industry, the Society of Motor Manufacturers and Traders (SMMT) has said.
Weather
Cloudy start with rain in the north and west, turning brighter later but with blustery showers in the north-west; elsewhere mostly dry. Windy at times and mild, reports BBC Weather.
Tonight, rain lingers early in the south-east then clears. Most areas dry with clear spells, though north-west stays showery; gales in west Scotland.
