"The prospect of looming tax rises and a fall in business investment will restrict the UK's economic growth rate next year to less than 1%, according to a health check of the economy by a leading consultancy this morning. With less than four weeks before Rachel Reeves delivers her budget on 26 November, the EY Item Club has downgraded Britain's growth for next year, indicating that the economy will continue to expand at a sluggish pace, limiting tax receipts and the chancellor's financial"
"The oil price is rising after the world's biggest oil producers agreed to pause their planned oil production hikes in the first months of next year, to assuage fears that the global market may become oversupplied with crude. At a meeting of the Organization of Petroleum Exporting Countries (Opec) and its allies on Sunday, led by Saudi Arabia and Russia, energy ministers agreed to nudge the cartel's exports up by 137,000 barrels a day in December, before halting any further rises in January, February and March."
Looming tax rises and a fall in business investment will restrict the UK's economic growth to under 1% next year. The EY Item Club has downgraded Britain's growth outlook, projecting sluggish expansion that will limit tax receipts and constrain the chancellor's fiscal room ahead of the 26 November budget. Morgan Stanley raised its Brent crude forecast to $60 a barrel for H1 2026 after OPEC+ announced a pause to planned production hikes. OPEC and allies agreed to nudge exports up by 137,000 barrels a day in December, then halt further increases in January, February and March, reducing market volatility and supporting higher oil prices.
Read at www.theguardian.com
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