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1 day agoUK productivity downgrade raises £20-27 billion fiscal shortfall for next five years
The Office for Budget Responsibility (OBR) in the UK revised down long-term productivity growth by 0.3 percentage points, translating into a projected fiscal hole of between £20 billion and £27 billion by 2029-30. The downgrade forces Rachel Reeves’ Treasury into a difficult position given its manifesto pledge to avoid new income tax, VAT or national insurance hikes. The shortfall adds pressure for revenue measures or spending cuts and fuels debate about the UK’s growth model post-Brexit and post-pandemic. Analysts warn that missing growth targets may lead to higher borrowing or structural reforms.
negative
1 day agoUK productivity downgrade raises £20-27 billion fiscal shortfall for next five years
The Office for Budget Responsibility (OBR) in the UK revised down long-term productivity growth by 0.3 percentage points, translating into a projected fiscal hole of between £20 billion and £27 billion by 2029-30. The downgrade forces Rachel Reeves’ Treasury into a difficult position given its manifesto pledge to avoid new income tax, VAT or national insurance hikes. The shortfall adds pressure for revenue measures or spending cuts and fuels debate about the UK’s growth model post-Brexit and post-pandemic. Analysts warn that missing growth targets may lead to higher borrowing or structural reforms.
negative
UK productivity downgrade raises £20-27 billion fiscal shortfall for next five years
2 days ago
1 min read
92 words
The UK cut its productivity forecast, increasing the fiscal gap by £20-27 billion and complicating tax/ spending commitments.
The Office for Budget Responsibility (OBR) in the UK revised down long-term productivity growth by 0.3 percentage points, translating into a projected fiscal hole of between £20 billion and £27 billion by 2029-30. The downgrade forces Rachel Reeves’ Treasury into a difficult position given its manifesto pledge to avoid new income tax, VAT or national insurance hikes. The shortfall adds pressure for revenue measures or spending cuts and fuels debate about the UK’s growth model post-Brexit and post-pandemic. Analysts warn that missing growth targets may lead to higher borrowing or structural reforms.
The Office for Budget Responsibility (OBR) in the UK revised down long-term productivity growth by 0.3 percentage points, translating into a projected fiscal hole of between £20 billion and £27 billion by 2029-30. The downgrade forces Rachel Reeves’ Treasury into a difficult position given its manifesto pledge to avoid new income tax, VAT or national insurance hikes. The shortfall adds pressure for revenue measures or spending cuts and fuels debate about the UK’s growth model post-Brexit and post-pandemic. Analysts warn that missing growth targets may lead to higher borrowing or structural reforms.
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economy
UK
economy
UK
tax
fiscal policy
productivity
Oct 28, 2025 • 23:04 IST