Week in Review - 28 November 2025

Martin Beck, Chief Economist | Economic Consulting and Analysis

This week’s Budget delivered a smaller-than-expected fiscal “black hole” and nearly £22bn of headroom. Borrowing rises in the near term, the tax burden heads to record highs, and the OBR expects sluggish growth with no material boost from Budget measures. Without deeper structural reform, the UK risks higher taxes, excessive public spending, and weak growth for the rest of the decade.