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Fears Grow over Big Tax Rises in Budget as Reeves Hit with £20bn Productivity Blow
The Office for Budget Responsibility downgraded UK productivity forecasts, creating a £20 billion budget gap and raising the risk of tax increases, economists warn.
- Rachel Reeves, the Chancellor, acknowledged that she faces tough economic challenges and stated, "We don’t simply accept the forecasts but we defy them."
- The Institute for Fiscal Studies warned that Reeves may need to find £22 billion in tax increases or spending cuts to meet fiscal goals.
- Media reports suggest that the Office for Budget Responsibility could downgrade productivity forecasts, potentially creating a £20 billion finance gap.
- Reeves emphasized economic growth as a priority and mentioned that investing in infrastructure and technology was crucial for productivity.
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Total News Sources29
Leaning Left5Leaning Right2Center9Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 31%
C 56%
13%
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