Official Budget forecasts were accessed almost 25,000 times before their formal release after a leak at the Office for Budget Responsibility, according to a new investigation by the UK’s cyber security authorities.

A report by the National Cyber Security Centre found that documents prepared by the Office for Budget Responsibility were downloaded on “at least” 24,701 occasions in the hour before Rachel Reeves delivered her Budget speech on 26 November.

The figure is far higher than the 43 downloads cited in an initial internal review. The NCSC said the first full download of the OBR’s forecasts occurred shortly after 11.35am on Budget day, almost an hour before the Chancellor addressed the Commons, following more than 500 failed access attempts.

According to the report, links to the documents then spread rapidly on social media, leading to tens of thousands of downloads. Within 30 minutes, there were 20,547 successful downloads from more than 10,000 unique IP addresses.

The investigation also revealed that Ms Reeves’s Spring Statement last March had been accessed 16 times before the speech was delivered, contradicting earlier claims that there had been no prior access.

The leak prompted the resignation of Richard Hughes, who stepped down as OBR chairman after the organisation described the incident as the most serious failure in its 15-year history.

The premature release of the forecasts confirmed several Budget measures ahead of the speech, including changes affecting middle-income homeowners and an extension of stealth tax measures. The disclosure is understood to have caused significant disruption in the final moments before the Chancellor delivered her address.

Kenny MacAulay, chief executive of accounting software firm Acting Office, criticised the handling of sensitive information. “It beggars belief that market-sensitive data could fall into the hands of tens of thousands of people due to sloppy document management ahead of such an important event,” he said. “Basic compliance requirements should prevent leaks of this nature.”

Graeme Stewart, head of public sector at Check Point, said the breach exposed serious risks. “With tens of thousands able to access the full economic forecast in advance, the opportunity for market manipulation by hackers or fraudsters was immense,” he said, calling for a fundamental rethink of publication processes.

Mr Hughes’s departure followed weeks of tension between the Treasury and the OBR, after the watchdog downgraded its long-term growth outlook for the UK economy. Ms Reeves was later accused by critics of having misled the public over the state of the public finances, after government briefings painted a bleaker picture than subsequent data suggested.

The Treasury said it was taking steps to strengthen security and safeguard the integrity of economic forecasts. Future OBR documents will now be published exclusively via the government’s official website, in an effort to prevent a repeat of the breach.

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The Hamptons housing market just made a new splash, but the surge is not being driven by everyday homebuyers.

Instead, cash-rich Wall Street and tech executives are powering a boom in multimillion-dollar sales, pushing median prices to an all-time high even as overall sales activity softens, according to new data.

According to a new report from Douglas Elliman and Miller Samuel, Hamptons homes hit the highest median sales price on record at $2.34 million, up 25% year over year. The average sales price also rose 25% annually to $3.76 million.

“The catalyst is absolutely tied to capital markets,” Douglas Elliman’s Adam Hofer told Fox News Digital. “The Hamptons has always been a discretionary, wealth-driven marketplace. When Wall Street performs, when liquidity events happen in tech, when bonuses are strong, that money needs a place to land and for many high-net-worth buyers – that place is the Hamptons.”

MIAMI MOVES AHEAD OF NEW YORK IN $1M-PLUS HOMES AFTER NEARLY A DECADE

“That said, this isn’t just a speculative spike,” he said. “Inventory remains structurally constrained, especially south of the highway and in turnkey properties. Unlike the pre-2008 era, today’s buyers are largely cash-heavy and less leveraged, which makes this appreciation feel more sustainable.”

“So yes, Wall Street momentum fuels the top end, but limited supply and long-term lifestyle demand are what’s keeping values elevated.”

Luxury sales are doing the heavy lifting in the Hamptons, with sales over $5 million reaching a record high in the fourth quarter of 2025. Douglas Elliman internal data also shows property closings over $10 million were up 75% year over year, and there were four closings of $20 million or more in 2025, compared to just one the previous year.

“The luxury buyer is operating in an entirely different universe from the average homeowner. All cash transactions at $5 million and above signal confidence, liquidity and a long-term mindset. These buyers are less sensitive to interest rates and more focused on lifestyle, legacy and asset diversification,” Hofer said.

“In contrast, the middle market is highly rate-sensitive. A one-point swing in mortgage rates dramatically impacts affordability. But when you’re writing an $8 million or $15 million check in cash, rate volatility becomes background noise,” he said. “It highlights a divided market that’s becoming more pronounced nationally. Rate sensitivity is creating friction in the middle tier, while the top 10% of buyers continue to transact with relative ease. The Hamptons is simply a magnified version of what’s happening across the country.”

But inventory is tight. Despite a slight increase in listings across the area in the fourth quarter of last year, months of supply fell to 6.8, down 24% from 2024, while luxury months of supply also declined sharply to 16.4 months.

Buyers are reportedly competing hardest for ocean and waterfront properties, turnkey, renovated homes in prime neighborhoods such as Southampton, Sag Harbor and East Hampton.

“Construction timelines, labor costs and permitting uncertainties have made move-in-ready product a premium commodity,” Hofer noted. “Waterfront and properties with protected water views continue to command outsized demand, and that’s where buyers are willing to stretch the furthest. There’s a finite amount of waterfront in the Hamptons, and sophisticated buyers understand that scarcity.”

While not fully captured in the report, the early summer rental surge lines up with the data, as buyers are committing earlier, luxury confidence remains high, and seven-figure demand is not slowing.

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“Strong rental demand is often a leading indicator of buyer confidence. When high-end rentals lock in early and at premium rates, it signals that people want to be here and that the Hamptons lifestyle remains a priority,” Hofer pointed out.

“For buyers waiting for a significant price correction,” he said, “the rental market suggests that underlying demand hasn’t weakened. In fact, many renters ultimately convert to buyers after experiencing the market firsthand. Sitting on the sidelines in hopes of a dramatic pullback may mean competing later in an even tighter inventory environment.”

READ MORE FROM FOX BUSINESS

Benchmark indices Nifty and Sensex extended their gains for a second straight session on Tuesday, supported by a sharp rally in auto and metal stocks that lifted overall sentiment. Meanwhile, broader markets outperformed, with midcap and smallcap indices rising 0.5% and 0.35%, respectively.

The BSE Sensex rose 208 points to close the session at 84,274 or 0.25% higher, while the Nifty 50 gained 68 points or 0.26% points to end the day at 25,935.

On the 30–share Sensex, Eternal rose over 5% to end the session as the top gainer on the index. Tata Steel followed suit with a rise of 2.82%, while M&M and Tech Mahindra gained more than 1.5% each. HCL Tech, Bajaj Finance, Bharti Airtel, and Adani Ports fell up to 2% on Tuesday.

Expert views

Vinod Nair, Head of Research, Geojit Investments said today’s rise was supported by the US trade agreement and positive cues from key Asian markets. A strong resurgence in FII inflows, coupled with rupee appreciation, is further bolstering the investor sentiment, although intermittent profit-booking was visible across sectors. With tariff-related concerns largely easing, the near-term market trajectory will hinge on Q3 earnings, which have been mixed and below expectations so far. Investors are now focused on the combined impact of recent fiscal and monetary measures to revive earnings momentum in the coming quarters.”

Global Markets
Asian equities moved higher on Tuesday, with gains led by Tokyo markets extending their rally after Japanese Prime Minister Sanae Takaichi’s decisive election win over the weekend. MSCI’s broad Asia-Pacific index excluding Japan rose 0.6%, while the Nikkei 225 climbed 2.3% for a third straight session to a fresh high. The yen also strengthened for a second consecutive day.European markets opened on a mixed note as investors assessed a wave of corporate earnings announcements. The Stoxx index was largely flat with no clear trend across major markets and sectors, while Germany’s DAX advanced 0.4%.

U.S. stock futures traded slightly lower on Tuesday morning after the Dow Jones Industrial Average closed at a fresh record high. Dow futures declined by 25 points, or about 0.04%, while S&P 500 futures slipped 0.06% and Nasdaq 100 futures fell 0.2%.

Crude impact

Oil prices edged higher on Tuesday as traders assessed the risk of potential supply disruptions, with U.S. guidance for vessels passing through the Strait of Hormuz keeping geopolitical tensions between Washington and Tehran in focus.

Brent crude futures rose 29 cents, or 0.4%, to $69.33 per barrel by 0916 GMT, while U.S. West Texas Intermediate crude gained 22 cents, or 0.3%, to $64.58 per barrel. “The market is still focused on the tensions between Iran and the U.S.,” said Tamas Varga, oil analyst at brokerage PVM.

Rupee vs Dollar

The Indian rupee ended 0.2% higher at 90.5775 against the U.S. dollar, compared with its previous close of 90.7575.

(With inputs from agencies)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Indian equity markets continued their positive momentum, with benchmark indices edging closer to record highs, even as resistance emerged near the 26,000 mark. Market participants remained encouraged by the broader strength across sectors and improving sentiment following recent global and domestic developments.

Speaking to ET Now, market expert Vinay Rajani from HDFC Securities highlighted the technical resilience of the Nifty, pointing to a strong recovery from recent lows. “So, nice recovery from the lower level. Nifty partially filled the gap which was formed on the 3rd February on the back of the US-India trade deal and that gap was partially filled and Nifty bounced back. So, a typical gap has acted as a support area and now Nifty has witnessed a 500 points recovery from that level,” he said.

Rajani added that the index remains structurally strong, supported by key technical indicators. “So, Nifty is looking very strong as it is still holding above 20, 50, 100, and 200 days’ moving average, so that way also it is very strong,” he noted.

He also pointed out that broader markets are beginning to participate more actively in the rally, aided by the nearing end of the earnings season. “Broader markets are gaining strength. We are at the fag end of the result season, getting over, so that is also a good sign for the broader markets because most of the negatives and positives have been discounted and now broader market can increase their participation in this rally,” Rajani said.

On the outlook for the benchmark index, Rajani maintained a bullish stance, citing strong support levels. “So, on the Nifty we are bullish. We feel that there is a strong support around 25,600 and with that stop loss one should continue to hold on to the long position and we are expecting Nifty to hit an all-time high above 26,373. So, overall, things are quite strong and broader markets have started participating. So, we are bullish on the market with a stop loss of 25,600,” he added.

Turning to sectoral and stock-specific opportunities, Rajani said metals remain a clear outperformer in the current market phase. “Yes, so metal is the space which is continuously outperforming. So, out of that segment steel stocks have started performing well and getting momentum on the charts,” he said.
He highlighted Steel Authority of India (SAIL) as a preferred trading pick. “So, Steel Authority of India, SAIL, is looking very strong to me. Around 160 one can take entry, for trading stop loss can be kept at 157, on the upside I am expecting a short-term target at 166,” Rajani said.In the PSU banking space, Rajani identified Bank of Maharashtra as another stock showing strength. “The second stock I would pick from the PSU banking space, that is Bank of Maharashtra, which is looking quite strong. So, after some small consolidation it is trying to resume its primary uptrend. So, around 66.80, 66.90 one can go long, I would suggest a stop loss at 65 for the trading, on the upside I am expecting an immediate target at 70,” he added.

With both frontline and broader indices showing sustained strength, market participants remain cautiously optimistic, watching key resistance levels while selectively focusing on outperforming sectors such as metals and PSU banks.