The Office for Budget Responsibility, which is tasked with scoring the Chancellor’s Budget measures, appears to have accidentally released its ‘Economic and Fiscal Outlook’; it has essentially released the entirety of Rachel Reeves’s Budget before it has been announced. The document reveals that:

Reeves will hike taxes by a total of £26 billion

Income tax thresholds will be frozen, raising £8 billion and dragging nearly one million more people into paying tax

The tax burden will hit a record high at 28 per cent of GDP

Real GDP is forecast to grow by 1.5 per cent on average over the forecast period, 0.3 per cent lower than expected

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