Chancellor’s tricky fiscal situation just got trickier
The combination of a likely downgrade to the Office for Budget Responsibility's productivity growth forecast in the Budget on 26th November and the further rise in borrowing costs this week adds to the Chancellor's already tricky fiscal position. If she wants to keep her buffer against her fiscal rule of £9.9bn, we still think the Chancellor will need to raise around £28bn in the Budget, mostly through higher taxes.
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