Chancellor Rachel Reeves is facing mounting calls to resign from frustrated business owners after a series of leaks ahead of this week’s Budget – drawing comparisons with Labour Chancellor Hugh Dalton, who quit in 1947 after briefing a journalist moments before delivering his statement.
The criticism intensified after the Office for Budget Responsibility accidentally published its full economic forecast online hours before Reeves’ speech. The OBR has apologised, but the premature release revealed that GDP growth is expected to reach 1.5%, lower than previously projected, 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.
Business figures say the string of leaks , deliberate or otherwise , has shattered market confidence.
Riz Malik, director of R3 Wealth in Southend-on-Sea, described the situation as farcical.
“This Budget has had more leaks than the Titanic,” he said. “We elect officials to lead, not test every idea on the public like a focus group. At this rate we’ll be voting on economic policy during Strictly.”
Sam Alsop-Hall, chief strategy officer at Clive Henry Group, said the leaks were destabilising markets.
“Only in Britain can a whisper from Rachel Reeves move gilts harder than a Trump press conference moves crypto,” he said. “It’s less ‘Budget strategy’ and more ‘live-action stress test’. Someone take the red box off her before the pound needs counselling.”
Colette Mason, author and AI consultant at Clever Clogs AI, said the repeated mishaps point to deeper institutional failings.
“These aren’t accidental slips. They’re incompetence or manipulation — neither builds the credibility a Chancellor needs when markets are already jittery,” 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 doing so could spark an even deeper economic crisis.
Tony Redondo, founder of Cosmos Currency Exchange, said confidence in Reeves had evaporated, but argued replacing her could trigger further turmoil.
“She is the worst Chancellor in 50 years,” he said. “But if she resigns, the bond vigilantes will smell blood, and the UK could face a shock worse than the Truss 2022 meltdown.”
Others argued the government is repeating last year’s mistakes.
Rob Mansfield, of Rootes Wealth Management, said: “If the government want growth, they need to present confidence and competency. Neither are evident.”
Michelle Lawson, director at Lawson Financial, called the leaks “poor politics”.
“Speculation causes uncertainty. Some of this feels like staged drama so they can later tell us how good they’ve been by not enacting some leaks.”
Daniel Wiltshire, actuary and IFA at Wiltshire Wealth, said the debacle is damaging already-fragile business sentiment.
“What on earth are they playing at? Business confidence is shot as it is. This is starting to make the 2012 omnishambles look like a masterclass in statecraft.”