Overview
- Official figures show £20.2bn borrowed in September and £99.8bn over six months, with debt interest at £9.7bn for the month and the debt-to-GDP ratio at about 95.3%.
- Economists expect the OBR’s final pre‑Budget forecast on 21 November to downgrade productivity and growth, with the resulting shortfall widely put at roughly £20–30bn and some estimates reaching £50bn.
- The Treasury is pushing growth measures, including planning reform and a drive to cut an estimated £6bn of business red tape, in hopes of improving the fiscal scorecard.
- Further tax measures under consideration are reported to target wealth and assets—such as higher property and capital gains charges, possible NI on rental income, and tighter pensions/ISA reliefs—with media also reporting a possible new charge on limited liability partnerships.
- Rachel Reeves has argued that weak productivity reflects the way the UK left the EU, citing the OBR’s estimated 4% long‑term GDP hit, while facing pressure over manifesto pledges not to raise the main rates of income tax, national insurance or VAT.