Speculation is mounting that the UK autumn budget will be delivered on 26 November.
According to the Huffington Post UK, Chancellor Rachel Reeves has pencilled in that date, with no prospect of the Budget being scheduled before mid-November at the earliest. Under the rules, the government must give the Office for Budget Responsibility (OBR) at least ten weeks’ notice so it can assess the tax and spending plans and deliver its verdict alongside the Budget.
Bloomberg has reported that Reeves is expected to confirm the November date later today.
Economists are already weighing up the challenges ahead. Analysts at Capital Economics warned yesterday that Reeves could face a fiscal gap of £18 billion to £28 billion, likely requiring tax rises to close. That shortfall could widen further if rising bond yields continue to push up the cost of government borrowing.
