Reeves could face £20bn Budget hole as UK productivity downgraded

UK Chancellor Rachel Reeves faces a potential £20bn Budget deficit due to a downgrade in the UK's productivity, partly caused by Brexit and high inflation. Tax increases and spending cuts are being considered to address the shortfall. The Office for Budget Responsibility will finalize its forecast on 26 November, with changes in productivity forecast impacting government borrowing by billions of pounds, potentially leading to significant tax rises and adjustments in next month's budget.