Budget Special with Michael Brown: The OBR Row, Mixed Market Signals and Rising Risks for the Chancellor

In this second of three post-Budget specials, Tom Bill is joined by Michael Brown from Pepperstone to unpack a chaotic week for Westminster, the markets and the wider economy. From the unprecedented OBR leak and the Treasury’s credibility problem to front-loaded spending, back-loaded tax rises and why gilt markets may be calm for now, Michael explains what really mattered in the Budget, what the Bank of England is likely to do next, and why political risk may be the biggest story of 2026. Read more from Head of UK Residential Research Tom Bill here .

You can listen to Budget Special with Michael Brown: The OBR Row, Mixed Market Signals and Rising Risks for the Chancellor online on Radio and Podcast. Open the player on this page to stream the available audio.

Budget Special with Michael Brown: The OBR Row, Mixed Market Signals and Rising Risks for the Chancellor is an episode from Intelligence Talks by Anna Ward.

This episode is 35:57 long.

This episode was published on Dec 2, 2025.

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