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#BritishPolitics

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Bytes Europe

UK chancellor will double down despite growing opposition – POLITICO byteseu.com/860793/ #BritishPolitics #Budget #Debt #EconomicGovernance #EconomicPerformance #FiscalMeasures #Germany #GreatBritain #Growth #Inflation #InterestRates #KeirStarmer #RachelReeves #Stability #Tax #UKBudget #UnitedKingdom #welfare

Bytes Europe · UK chancellor will double down despite growing opposition – POLITICOFurthermore, in an unwanted backdrop to Wednesday’s upcoming statement, the U.K.’s GDP fell by 0.1 percent in January, down from a rise of 0.4 percent in December. And government officials expect the Office for Budget Responsibility to downgrade its forecast of 2 percent growth this year to around 1 percent. This means financial markets are watching Reeves closely. The wobble that saw government borrowing costs rise in January (before falling back down) was a sign the chancellor still has to prove her mettle. She thus wants to take immediate action on Wednesday, showing her “ironclad” rules are still “nonnegotiable” and
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