Chancellor warned of crisis before make-or-break Budget
Rachel Reeves focuses on ‘fairness’ in pre-Budget speech amid growth concerns
- Rachel Reeves faces a challenging economic outlook ahead of her Autumn Budget, with the Office for Budget Responsibility (OBR) set to downgrade growth forecasts until 2029.
- The OBR's revised projections are expected to be the most pessimistic in 15 years, highlighting a significant economic slowdown despite efforts to prevent such a downgrade.
- Business Secretary Peter Kyle admitted the UK is in a "growth emergency," as business leaders expressed concerns over high taxation at the CBI conference.
- A House of Commons library analysis indicates the Treasury is losing up to £90bn in annual tax revenue due to the economic impact of Brexit.
- Reeves's pre-Budget speech to Labour MPs reportedly focused on "fairness," cutting the cost of living, NHS waiting lists, and debt, rather than economic growth.