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 forecastBusiness live – latest updatesRachel Reeves will have to account for a bigger-than-expected £20bn hit to the UK public finances in next month’s budget, increasing the likelihood that the chancellor will breach a key Labour’s manifesto pledge not to raise income tax.The Treasury’s forecaster is preparing a steeper than anticipated cut to UK productivity for the next five years, the Guardian understands. Continue reading...

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UK reportedly faces more than £20bn hit from steeper productivity downgrade, fuelling tax rise speculation – business live

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