The Lead

The Lead

The Lead's budget verdict: technocratic tweaks to a broken system

Lifting the two-child benefit cap is welcome, but Rachel Reeves' tax and spend plans fall far short of the financial shake up this country needs

Zoe Grunewald's avatar
The Lead's avatar
Zoe Grunewald and The Lead
Nov 26, 2025
∙ Paid
Cabinet meeting ahead of the Budget in 10 Downing Street. Picture by Simon Dawson / No 10 Downing Street

Firstly: I’m sorry to say, but this Budget wasn’t for you.

I know you think it might have been, should have been, but it’s not. Not really.

You see, this Budget was built for two audiences: the markets and Labour’s own backbenches. Nothing in today’s …

User's avatar

Continue reading this post for free, courtesy of The Lead Editors.

Or purchase a paid subscription.
© 2026 The Lead Newspapers Limited · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture