Rachel Reeves gives tax rises and cuts update and blames Brexit

Rachel Reeves gives tax rises and cuts update and blames Brexit View Image

Rachel Reeves acknowledged she was looking at potential tax rises and spending cuts to fill a black hole in her Budget which she said was partly due to the lingering impact of Brexit. The Chancellor said “of course, we’re looking at tax and spending” as she prepares for her November 26 statement.

She confirmed the budget watchdog had “consistently overestimated” the UK’s productivity, with the expected downgrade of its previous assumptions likely to make Ms Reeves’ task even harder. With no boom in economic growth, stubbornly high inflation and the mounting costs of government debt, Ms Reeves will have to fill a black hole estimated at around £50 billion by some economists.

Ms Reeves told Sky News the economy w