The Office for Budget Responsibility has released the entirety of Rachel Reeves’s Budget before it has been announced. The OBR, which is tasked with scoring the Chancellor’s Budget measures, accidentally published its ‘Economic and Fiscal Outlook’ this morning – an hour before Reeves was due to take to her feet in the Commons. The document reveals that:
- Reeves will hike taxes by a total of £26 billion
- Income tax thresholds will be frozen, raising £8 billion and dragging nearly one million more people into paying tax
- The tax burden will hit a record high at 38 per cent of GDP
- Real GDP is forecast to grow by 1.5 per cent on average over the forecast period, 0.3 per cent lower than expected
Follow this news, and every twist and turn of Budget day, on our live blog:
Comments