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This Library Note provides a brief summary of the key measures announced yesterday in the Chancellor’s Budget Statement, before outlining the immediate reaction to the Statement as expressed by the Leader of the Opposition in the House of Commons and by a range of organisations and commentators.


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  • The Chancellor of the Exchequer, Rishi Sunak, delivered a spending review statement on 25 November 2020. The Government said the review’s priorities were “to support the Government’s response to Covid-19, invest in the UK’s recovery and deliver on promises to the British people”. Alongside the spending review, the Office for Budget Responsibility set out its latest forecasts for the economy and for the public finances.

  • The House of Lords is scheduled to debate four statutory instruments relating to the financial services and markets sector on 10 November 2020. Three of them relate to the UK’s withdrawal from the European Union. The House of Lords Secondary Legislation Scrutiny Committee has not raised concerns about any of the regulations. The House of Commons is yet to consider them.