Autumn Budget date set for November 26, Chancellor Rachel Reeves announces
Rachel Reeves has announced that she will present her autumn Budget on Wednesday November 26.
The Office for Budget Responsibility (OBR) will be given the required 10 weeks’ notice to provide an independent forecast.
The Chancellor is under increasing pressure as Britain’s long-term borrowing costs continued to surge higher on Wednesday, hitting fresh 27-year highs, while the pound also remained under pressure.
Worries are mounting over the UK’s finances before the Budget, with concerns that Ms Reeves will be forced to hike taxes and slash spending to balance the books.
The scale of the challenge facing the Chancellor was illustrated by the NIESR economic think tank saying last month that Ms Reeves was set for a £41 billion shortfall on her self-imposed rule of balancing day-to-day spending with tax receipts in 2029-30
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The Covid debt is the problem. It’s time for those that benefited most from the bailout, the billionaires and the multinationals, to make a one-off contribution to clear it.
Not Covid debt – lockdown debt.
Not lockdown debt. Boris Johnson’s debt.