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OBR hands Rachel Reeves first damning pre-Budget report on UK economy
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City AM
OBR hands Rachel Reeves first damning pre-Budget report on UK economyChancellor Rachel Reeves has now seen initial estimates on the outlook for the UK economy in a draft report provided by the OBR.
The Office for Budget Responsibility (OBR) has handed Chancellor Rachel Reeves its first evaluation of the state of the UK economy and crippled public finances, setting policy discussions about likely £30bn tax rises and possible savings in motion.
Rachel Reeves lobbies OBR on growthLabour may hope that some of its growth-focused policies introduced in the last six months can offset some of the downside risks facing the UK economy.
A trade deal easing red tape around food trade with the EU, which will take around a year to come into effect, could also boost the UK economy.
UK growth would also be damaged from higher taxes on households and firms, economists have also argued.