Exclusive: Fiscal watchdog predicts productivity downgrade will leave chancellor with £20bn gap to fill in budget
Rachel Reeves has said Britain can defy gloomy economic forecasts after the fiscal watchdog infuriated ministers by predicting a productivity downgrade would leave her with a £20bn gap to fill in her forthcoming budget.
The chancellor said she was “determined not to simply accept the forecasts” – which increase the likelihood she will break a key Labour manifesto pledge not to raise income tax – but would instead prove the predictions wrong.
Continue reading…Exclusive: Fiscal watchdog predicts productivity downgrade will leave chancellor with £20bn gap to fill in budgetToo many want to do Britain down – Labour will defy the doomsayers and beat the forecastsRachel Reeves has said Britain can defy gloomy economic forecasts after the fiscal watchdog infuriated ministers by predicting a productivity downgrade would leave her with a £20bn gap to fill in her forthcoming budget.The chancellor said she was “determined not to simply accept the forecasts” – which increase the likelihood she will break a key Labour manifesto pledge not to raise income tax – but would instead prove the predictions wrong. Continue reading…