Chancellor Rachel Reeves is facing mounting calls for her resignation from frustrated business owners after a series of leaks emerged in the run-up to this week’s Budget – drawing comparisons to Labor chancellor Hugh Dalton, who resigned in 1947 after briefing a journalist shortly before making his statement.
Criticism intensified after the Office for Budget Responsibility accidentally published its full economic forecast online hours before Reeves’ speech. The OBR has apologized but the early release revealed that GDP growth is expected to reach 1.5%, lower than previously forecast, and confirmed plans to freeze income tax thresholds until 2030-31, introduce a new annual tax on properties over £2m from 2028 and raise £26bn in taxes by 2029-30.
The series of intentional or unintentional leaks has shaken market confidence, according to business figures.
Riz Malik, director of R3 Wealth in Southend-on-Sea, described the situation as absurd.
“This budget had more leaks than the Titanic,” he said. “We elect officials to take the lead, not test every idea in the public like a focus group. At this rate we will be voting on economic policy on Strictly.”
Sam Alsop-Hall, chief strategy officer at Clive Henry Group, said the leaks would destabilize markets.
“Only in the UK can a whisper from Rachel Reeves impact UK government bonds more than a Trump press conference does cryptocurrency,” he said. “It’s less a ‘budget strategy’ and more a ‘live action stress test’. Someone take the Redbox off her before the pound needs advice.”
Colette Mason, author and AI consultant at Clever Clogs AI, said the repeated glitches point to deeper institutional flaws.
“These are not accidental gaffes. They are incompetence or manipulation – neither of which adds to the credibility a chancellor needs when markets are already nervous,” she said. “The 1947 standard was about protecting trust in the process. We need that standard back.”
Some business owners said Reeves should resign – but warned it could trigger an even deeper economic crisis.
Tony Redondo, founder of Cosmos Currency Exchange, said confidence in Reeves had waned but argued her replacement could trigger further turmoil.
“She is the worst chancellor in 50 years,” he said. “But if she resigns, Bond citizens will smell blood and the UK could suffer a shock worse than the Truss meltdown in 2022.”
Others argued the government was repeating last year’s mistakes.
Rob Mansfield of Rootes Wealth Management said: “If the government wants growth it needs to demonstrate confidence and competence. Neither is obvious.”
Michelle Lawson, a director at Lawson Financial, called the leaks “bad politics.”
“Speculation creates uncertainty. Some of it feels like staged drama so they can tell us later how good they were by not acting on some leaks.”
Daniel Wiltshire, actuary and IFA at Wiltshire Wealth, said the debacle was damaging already fragile business sentiment.
“What on earth are they doing? Business confidence is already shaken. This is making the 2012 Omnishambles start to look like a master class in statecraft.”
