Chancellor of the Exchequer Rachel Reeves announced £26 billion of tax increases in a budget that was meant to convey stability but left investors reeling when most of the key measures were accidentally released early.
The policies in the budget, in which Reeves more than doubled her key fiscal buffer to £22 billion, were posted online by the Office for Budget Responsibility about an hour before she rose to speak in the House of Commons. The OBR apologized and launched an investigation into the error, which Reeves described as “deeply disappointing.”
The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Kriti Gupta.
Chapters:
00:00:00 – The Opening Trade 11/27/25
00:02:03 – Reeves Raises UK Taxes by £26 Billion
00:04:44 – Markets Welcome UK Budget
00:07:27 – Stocks Set To Erase Monthly Loss On Fed Cut Bets
00:10:49 – Need To Know
00:14:02 – Jonathan Portes
00:26:42 – Amanda Tickel
00:34:04 – Futures
00:36:17 – UK Child Benefit Cap Axed, Welfare Spending Increased
00:40:38 – Laurence Mutkin
00:48:01 – The Market Open
00:52:18 – Peter Oppenheimer
01:00:15 – Movers
01:03:17 – UK Shadow Chancellor of the Exchequer Mel Stride
01:12:41 – Need To Know
01:15:38 – Martin Gilbert
01:30:24 – John Caudwell
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