The government's fiscal watchdog, the Office for Budget Responsibility, separately added this week that U.K. public finances are in a relatively vulnerable position and facing mounting risks.

Indeed, the independent Office for Budget Responsibility still assumes Reeves' move will raise £2.7 billion in extra taxes a year by 2028-29.

Back in March, the independent Office for Budget Responsibility said that it expects the U.K. to record 1% growth this year and 1.9% in 2026.

Indeed, the independent Office for Budget Responsibility still assumes Reeves' move will raise £2.7 billion in extra taxes a year by 2028-29.

The Office for Budget Responsibility (OBR) gave a damning verdict of the state of public finances in a comprehensive report published on Tuesday, warning that “unfunded” U-turns on welfare ...

On Tuesday, Britain's Office for Budget Responsibility described the country's public finances as being in a "relatively vulnerable position" after the COVID-19 pandemic and that the government ...