Chancellor Rachel Reeves has set Wednesday November 26 as the date for her autumn Budget announcement. The Office for Budget Responsibility will receive the mandatory 10 weeks' notice required to prepare an independent economic forecast.
Britain's financial markets continue to show signs of strain ahead of the Budget. Long-term borrowing costs reached fresh 27-year peaks on Wednesday, whilst the pound remained under sustained pressure.
Economic pressures mount
Growing concerns surround the state of UK finances as the Budget approaches. Speculation suggests Reeves may need to implement significant tax increases and spending reductions to restore fiscal balance.
The scale of the fiscal challenge became apparent last month when the NIESR economic think tank published its analysis. The research organisation projected a £41 billion shortfall against Reeves' self-imposed target of balancing day-to-day spending with tax receipts by 2029-30.
Sources used: "PA Media" Note: This article has been edited with the help of Artificial Intelligence.
