![\"Rachel](\"https:\/\/img.resized.co\/breaking-news\/eyJkYXRhIjoie1widXJsXCI6XCJodHRwczpcXFwvXFxcL2ltYWdlLmFzc2V0cy5wcmVzc2Fzc29jaWF0aW9uLmlvXFxcL3YyXFxcL2ltYWdlXFxcL3Byb2R1Y3Rpb25cXFwvOGNhM2FlNDAyMzZhMzRmMGVmYTY2MDUzMzEyMWY2YzlZMjl1ZEdWdWRITmxZWEpqYUdGd2FTd3hOell4TVRJNU5qUXpcXFwvMi44MjA5MTMzNC5qcGc_dz02NDBcIixcIndpZHRoXCI6XCI2NDBcIixcImhlaWdodFwiOlwiNDI3XCIsXCJkZWZhdWx0XCI6XCJodHRwczpcXFwvXFxcL3d3dy5icmVha2luZ25ld3MuaWVcXFwvaVxcXC9ibi1ub2ltYWdlLnBuZ1wiLFwib3B0aW9uc1wiOntcIm91dHB1dFwiOlwiYXZpZlwiLFwicXVhbGl0eVwiOlwiNTVcIn19IiwiaGFzaCI6IjIxMzQyNThjNjBmNjE2YmQwZDkzNDhmOGMxMjFjZmMzODZkNzNhNTkifQ==\/brexit-has-made-uk-economy-and-productivity-weaker-than-thought-says-uk-chancellor.jpg?w=640\")
Chancellor Rachel Reeves has acknowledged she is looking at potential tax rises and spending cuts in her Budget (Joe Giddens\/PA)<\/p>\nUK Chancellor Rachel Reeves has said Brexit made the UK\u2019s economy and productivity \u201cweaker\u201d than initially forecast when the UK voted to leave the European Union.<\/p>\n
But Ms Reeves expressed determination that \u201cthe past doesn\u2019t define our future\u201d as she set out plans to scrap paperwork and red tape for thousands of UK businesses in a bid to boost lacklustre economic growth at the Regional Investment Summit in Birmingham on Tuesday.<\/p>\n
The gathering of business leaders and investors came after more gloomy news, as UK government borrowing in September hit the highest level for the month in five years.<\/p>\n
The data from the Office for National Statistics piles more pressure on Ms Reeves ahead of the November 26th Budget, in which she will have to fill a black hole estimated at around \u00a350 billion by some economists.<\/p>\n
Ms Reeves said the autumn statement will detail her \u201cplans based on the world as it is, not necessarily the world as I might like it to be\u201d as global volatility and a hike in defence spending \u201cputs pressure on our economy\u201d.<\/p>\n
She said exiting the EU had caused more damage than forecasters had expected at the time, with the expected downgrade of the budget watchdog\u2019s previous assumptions likely to make her task of balancing the books even harder.<\/p>\n
The Chancellor told reporters: \u201cThe Office for Budget Responsibility do the forecasts for the economy. When we left the European Union, or when we voted to leave, they made an estimate about the impact that would have.<\/p>\n
\u201cWhat they\u2019ve done this summer is go back to all of their forecasts and look at what actually happened compared to what they forecast.<\/p>\n
\u201cWhat that shows \u2013 and what they will set out \u2013 is that the economy has been weaker and productivity has been weaker than they forecast, despite the fact that they forecast that the economy would be weaker because of leaving the EU\u2026<\/p>\n
Chancellor Rachel Reeves has acknowledged she is looking at potential tax rises and spending cuts in her Budget (Joe Giddens\/PA)<\/p>\n
\u201cI am determined that the past doesn\u2019t define our future and that we do achieve that economic growth and productivity with good jobs in all parts of the country.\u201d<\/p>\n
Ms Reeves highlighted more than \u00a310 billion in investment commitments secured at the summit, as well as deregulation and reform to planning and capital markets.<\/p>\n
The OBR\u2019s assessment will be published in detail alongside the Budget, in which Ms Reeves has already acknowledged she is looking at potential tax rises and spending cuts.<\/p>\n
The National Institute of Economic and Social Research has suggested Ms Reeves will need to find around \u00a350 billion a year by 2029-39 to meet her goal of balancing day-to-day spending with tax revenues while maintaining \u201cheadroom\u201d of around \u00a310 billion against that target.<\/p>\n","protected":false},"excerpt":{"rendered":"UK Chancellor Rachel Reeves has said Brexit made the UK\u2019s economy and productivity \u201cweaker\u201d than initially forecast when…\n","protected":false},"author":2,"featured_media":95409,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-95408","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/95408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=95408"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/95408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/95409"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=95408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=95408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=95408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}