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The Latest Breaking News from OBR

‘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

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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

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 Guardian - UK

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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 Independent 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

The Guardian - UK

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

Evening Standard

Rachel Reeves faces new £20bn Budget blackhole

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

The Independent 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

The Guardian - UK

FTSE 100 holds firm amid hefty gold miner losses

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

Evening Standard

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 Independent UK

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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

The Guardian - UK

Rachel Reeves says those with broadest shoulders should pay fair share of tax

Chancellor adds she wants to ‘get the balance right’ and not deter wealthy people from making the UK their home

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The Guardian - UK

Thursday briefing: Rachel Reeves starts to sell a tough budget to the public

In today’s newsletter: The chancellor begins to lay the groundwork ahead of next month’s big speech

The Guardian - UK

Rachel Reeves says higher taxes on wealthy ‘part of the story’ for November budget

Chancellor hints at rises and calls out past ‘scaremongering’ over VAT on private schools and changes to non-doms

International Business Times UK

Reeves Warns of Hard Choices Ahead — Tax Hikes Back on the Table

Rachel Reeves signals 'hard choices' in the 26 November Autumn Budget, with tax rises and spending cuts under active consideration as the OBR's downgrade and IMF forecasts heap pressure on the UK's public finances.

The Guardian - UK

Rachel Reeves v the OBR: chancellor aims to loosen the watchdog’s grip

Labour embraced the forecaster’s powerful role, but now finds itself scrambling in the face of gloomy projections

The Guardian - UK

Rachel Reeves looks for extra headroom in budget to insulate UK economy against bond market

Chancellor hopes to raise enough funds to stop damaging speculation about breaching fiscal rules

The Guardian - UK

Rachel Reeves given extra £3bn for budget after VAT error fixed

ONS says public borrowing estimates have been out by £200m-£500m a month since January

The Guardian - UK

Rachel Reeves urged to break manifesto pledges to avoid ‘pasty tax’ budget

Labour colleagues advise chancellor against string of small money-raising measures, as OBR presents forecast

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