Rachel Reeves is preparing for potentially revised forecasts from the Office for Budget Responsibility (OBR), predicting a £20 billion shortfall in her tax and spending plans ahead of the autumn budget. Despite a challenging economic outlook, Reeves insists that she will not adjust her fiscal rules. The OBR's review may reveal lower productivity growth estimates, which could significantly affect GDP forecasts and force Reeves to consider tax increases or spending cuts to uphold her budgetary commitments and avoid exceeding her tight financial margins.
Rachel Reeves faces budget challenges with a possible £20 billion gap, forcing her to consider tax increases or spending cuts to maintain fiscal rules.
Reeves has committed to not flexing her fiscal rules despite warnings from the OBR, indicating that maintaining certainty in public finances remains her priority.
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