In a major government embarrassment, Chancellor Rachel Reeves's Autumn Budget speech was upstaged by a significant leak, prompting a furious reaction from money-saving expert Martin Lewis, who branded the incident a "giant cock-up".
A Staggering Error
The carefully choreographed budget announcement was thrown into chaos when key details were published online by the Office for Budget Responsibility (OBR) before the Chancellor had even begun her speech in the House of Commons. Taking to the social media platform X, Martin Lewis did not mince his words, stating the premature release "looks like staggering fat fingers".
Lewis elaborated on the severity of the blunder, tweeting: "This is simply unbelievable. Its not a technical error it revealed the budget before the Chancellor its a giant cock-up." He went on to describe the incident as a "huge reputational hit" for the OBR, the independent fiscal watchdog responsible for overseeing the UK's economic forecasts and policing government spending.
Key Announcement: Cash ISA Allowance Slashed
Among the most significant revelations from the leaked document was the confirmation of a major change to Individual Savings Accounts (ISAs). The government has officially slashed the annual tax-free allowance for Cash ISAs from £20,000 down to £12,000.
Martin Lewis was quick to clarify the details for the public on X, noting a crucial exemption: "This will not apply to over 65s, who will keep £20,000 cash ISA limit." He also confirmed that the allowance for a Shares ISA remains unchanged at £20,000 and reassured savers that the change only impacts new money being deposited, not existing savings.
Despite the negative news for many savers, Lewis offered some context, suggesting there was logic behind the policy. He stated the aim was not primarily to raise revenue but to encourage younger people to invest rather than save, arguing that investments historically outperform cash savings over the long term.
Fallout and Reputational Damage
The premature leak represents a significant operational failure for the new Labour government, undermining the impact of its first major fiscal event. Such budget disclosures are typically held under strict embargo to ensure a fair and coordinated announcement to Parliament and the public.
This incident has thrown a spotlight on the OBR's internal processes at a critical time. As Martin Lewis pointed out, the organisation's role as the independent "score-keeper for our economy" means that any perception of incompetence can damage its credibility and, by extension, the government's economic messaging. The leak had been the subject of intense speculation, with many financial experts having correctly predicted the ISA changes in the preceding weeks.
