Exclusive: Budget Set To Take Place On November 26

Chancellor Rachel Reeves with last year's Budget.Rachel Reeves has pencilled in November 26 for the date of the Budget, HuffPost UK has learned.Downing Street confirmed on Tuesday that the chancellor’s eagerly-anticipated statement will not take place before mid-November at the earliest.That’s because the Office for Budget Responsibility needs at least 10 weeks to carry out its assessment of the government’s tax and spending plans.The prime minister’s spokesman said: “They’ll follow the usual process, they’ll set out 10 weeks, and you’ll get that from the Treasury in the usual way.”HuffPost UK has been told that the working assumption inside No.10 is that it will take place on November 26.A Treasury source said: “We are not commenting on Budget date speculation. It will be announced in the usual way.”The chancellor will announce a number of tax rises as she seeks to plug a black hole in the nation’s finances which some economic experts have said could be as high as £50 billion.Reeves increased taxes by £40 billion in her first Budget as chancellor last October, mainly by hiking National Insurance payments for employers. At the time, she said it was a once-in-a-parliament move which was necessary in order to plug a £22 billion black hole left by the last Tory government.But since then, economic growth has remained sluggish while the amount of money the government has to spend servicing its debt has soared.Downing Street insiders insist the government will stick to its pre-election pledge not to increase VAT, income tax or National Insurance on employees.However, the chancellor is considering a number of other ways of raising much-needed funds for the government, including a new tax on landlords’ profits.It is also understood that she will announce a number of measures aimed at boosting the UK’s productivity to improve economic growth.The political importance of the Budget was underlined by the No.10 shake-up announced by Keir Starmer on Monday.Reeves’ deputy, Darren Jones, has been handed the new ministerial post of chief Secretary to the prime minister.Starmer has also appointed crossbench peer Baroness Shafik as his chief economic adviser in what has been seen as an attempt by the PM to take greater control of economic policy.Related...Rachel Reeves Monsters Nigel Farage For Backing Liz Truss's Disastrous Mini-Budget'Reeves Is Finally Moving In The Right Direction On Tax – But She Must Go Even Further'Keir Starmer And Rachel Reeves Could Be Preparing For Their Biggest U-Turn Yet. Here's Why

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