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The government is facing a bigger-than-expected hole in the public finances as it prepares for next month’s Budget.
A downgrade to the UK’s productivity performance from the government’s official forecaster could lead to the chancellor facing a £20bn gap in meeting her tax and spending rules, the BBC understands.
Rachel Reeves has confirmed both tax rises and spending cuts are options in next month’s Budget.
The Treasury declined to comment on “speculation” ahead of the Office for Budget Responsibility’s (OBR) final forecast, which will be published on 26 November alongside the Budget.
On Tuesday, the government announced it had agreed a series of trade and investment deals with Saudi Arabia, following Reeves’s visit to the Gulf.
This included up to £5bn in support from UK Export Finance for projects in Saudi Arabia which the government said would “unlock” contracts for British firms.
It also announced deals including a £37m investment from Saudi cybersecurity firm Cipher to set up its European office in London, and a £75m investment from Saudi investors and bankers into British digital bank Vemi.
The chancellor also met ministerial counterparts from Qatar and Kuwait for talks over a wider potential trade deal between the UK and the Gulf Cooperation Council.
