Fiscal Fumble: Early Budget Release Shakes UK Markets

UK finance minister Rachel Reeves expressed confidence in the fiscal watchdog despite an early budget leak that roiled markets. The Office for Budget Responsibility's chair, Richard Hughes, issued an apology and announced an investigation to prevent recurrence, involving cybersecurity expertise.

British finance minister Rachel Reeves reaffirmed her trust in the fiscal watchdog and its chair after an early budget publication led to market turmoil and parliamentary outcry. Despite the incident, Reeves stated her confidence in Richard Hughes and the Office for Budget Responsibility (OBR).

Reeves labeled Wednesday's premature release as a severe breach by the OBR. Speaking to Sky News, she maintained her support for Hughes and the organization despite the misstep.

Richard Hughes, chair of the OBR, issued an apology, expressing deep regret. An investigation, led by cybersecurity expert Professor Ciaran Martin, will identify corrective actions to prevent future errors.

(With inputs from agencies.)