UK autumn budget date set for November 26? Chancellor Rachel Reeves

Rachel Reeves has announced that she will present her autumn budget on Wednesday November 26.

The Office for Budget Responsibility, OBR, will be given the required 10 weeks’ notice to provide an independent forecast.

The UK chancellor is under increasing pressure as Britain’s long-term borrowing costs continued to surge higher on Wednesday, hitting fresh 27-year highs, while the pound also remained under pressure.

Worries are mounting over the UK’s finances before the budget, with concerns that Reeves will be forced to hike taxes and slash spending to balance the books.

The scale of the challenge facing the chancellor was illustrated by the NIESR economic think tank saying last month that Reeves was set for a £41 billion shortfall on her self-imposed rule of balancing day-to-day spending with tax receipts in 2029-30.

By Sophie Wingate, PA Deputy Political Editor

Press Association: Finance

source: PA

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