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The Latest Breaking News from OBR

Reeves’s tax U-turn: how Labour changed course on budget plans

Chancellor spent weeks preparing the ground for breaking manifesto pledge but events this week appeared to change her mind

The Guardian - UK

Rachel Reeves ‘plans to raise income tax’ in Budget

Chancellor reportedly looking to hike income tax but cut National Insurance in bid to place burden of tax rises on landlords and pensioners

The Independent UK

Ignore the howls around pay-per-mile, chancellor. We can’t afford not to tax electric cars

The issue of how motoring taxes should change as we decarbonise the economy has been dodged for too long. Car salesmen need to get real

The Guardian - UK

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George Osborne issues stark warning to Reeves over tax hikes

The former chancellor described the government as ‘constrained by its promise’ after Labour’s general election manifesto pledged to not increase VAT, national insurance or income tax

The Independent UK

Three weeks till budget day – and now Rachel Reeves is ‘being honest’ about tax

The chancellor is levelling with us about the pain to come. Is there anyone outside Planet Rachel who couldn’t see that truth two years ago, asks Guardian columnist Marina Hyde

The Guardian - UK

Tax rises and benefit cuts are on the horizon as Reeves prepares the UK for a bad-news budget

The UK chancellor, Rachel Reeves, has made it clear that taxes will go up, and more cuts to welfare spending are on the horizon. The moves will be deeply unpopular and controversial – but in an extraordinary press conference ahead of the UK budget on November 26, Reeves made it…

The Conversation

Reeves aims to prepare voters and markets for possible budget tax rises

Speech attempts to take back narrative with talk of ‘years of economic mismanagement’, Brexit and tariffs

The Guardian - UK

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I hope Rachel Reeves does raise income tax – there’s a way she can do it fairly

The chancellor might need to break manifesto pledges and a 50-year taboo, but she has a chance to steer UK finances back on track, says Ruth Curtice of the Resolution Foundation

The Guardian - UK

‘The money machine is misfiring’: City blames Brexit for UK’s £20bn productivity headache

Poor output since the leave vote has landed Rachel Reeves with a bigger-than-forecast budget spending gap

The Guardian - UK

Pound suffers further falls as UK’s fiscal troubles set to deepen

The UK’s independent fiscal watchdog has reportedly cut its productivity forecast, deepening the challenging facing the Chancellor.

Evening Standard

Fresh blow for Reeves as house builders warn Labour will struggle to hit 1.5m homes target

The warning is likely to harm prospects for the OBR upgrading its forecast for economic growth from construction

The Independent UK

UK can ‘defy’ gloomy forecasts despite productivity problems, says Chancellor

Rachel Reeves argued that austerity, Brexit and the pandemic had left ‘deep scars’ on the UK’s economy.

Evening Standard

Britain can defy gloomy economic forecasts, says Rachel Reeves

Exclusive: Fiscal watchdog predicts productivity downgrade will leave chancellor with £20bn gap to fill in budget

The Guardian - UK

Rachel Reeves has only one option to grow the economy

THE INDEPENDENT VIEW: Editorial: With a £20bn Budget black hole to plug, the chancellor has no option but to break Labour’s manifesto pledge – tinkering in the margins will hurt growth, while slashing public spending will lead to electoral ruin

The Independent UK

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The Guardian - UK

The Guardian view on state failure: Britain’s crisis is not just one of investment, but also of upkeep

Editorial: Fixing prisons, hospitals and local councils means rejecting austerity’s logic and recognising that state spending builds competence, not waste

The Independent UK

Income tax rise only way to plug extra £20bn in Budget black hole, economists warn Reeves

Economists say trying to balance the books by raising smaller taxes risks ‘unnecessary amounts of economic damage’

The Guardian - UK

Steeper UK productivity cut of more than £20bn makes tax rises more likely

Rachel Reeves faces bigger-than-expected hit in 26 November budget from revised OBR forecast

Evening Standard

Fears grow over big tax rises in Budget as Rachel Reeves hit with £20 billion productivity blow

The Office for Budget Responsibility is set to downgrade its productivity forecasts by more than expected

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The Independent UK

Rachel Reeves faces new £20bn Budget blackhole

A downgrade in the productivity figures could leave Reeves with a bigger fiscal gap

The Guardian - UK

Rachel Reeves is the face of this budget. But the really big decisions are not in Labour’s hands

The UK’s economic policy isn’t decided by politicians, but by the OBR and the Bank of England. This is a system in dire need of a rethink, says Guardian columnist Larry Elliott

Evening Standard

FTSE 100 holds firm amid hefty gold miner losses

Experts said the drop was a sign of ‘healthy price action’.

The Independent UK

Brexit had bigger impact on UK economy than critics predicted, Rachel Reeves says

Brexit ‘needlessly’ added costs to UK businesses, Rachel Reeves said, arguing ministers are now ‘unashamedly rebuilding our relations with the European Union’

The Guardian - UK

Reeves has mountain to climb in budget after borrowing rise

Public finances figures contain no shocks but will underline need for either hefty tax rises or spending cuts

The Independent UK

Business news live - Government borrowing in September hit highest level since Covid

Stock market news plus latest business and personal finance updates from Tuesday

The Guardian - UK

UK borrowing reaches five-year high for September at £20.2bn

Rising debt interest and welfare costs push public finances deeper into red before Rachel Reeves’s budget

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