Reeves to Break Fiscal Rules Ahead of Next Budget, NIESR Warns

Chancellor of the Exchequer Rachel Reeves is on track to miss both her fiscal rules by tens of billions of pounds in the UK’s autumn budget, according to a prominent economic think tank, leaving her no option but to raise taxes or cut spending.

Slower growth and weak tax receipts will leave the Labour chancellor £57 billion ($76 billion) short on her main stability rule that taxes must cover all day-to-day spending by 2029-30, the National Institute of Economic and Social Research said Thursday. It also forecast that she would be £24.9 billion short on her investment rule to have ...