UK budget may not deliver on growth next year

Significance Chancellor Rachel Reeves unveiled the government’s first budget on October 31, which set out significant increases in public spending. This will be funded by tax increases and higher borrowing compared to the previous government. Impacts It is unlikely that higher US tariffs will directly have a significant impact on the UK economy. The government’s efforts to reduce immigration could undermine its medium-to-long-term growth objectives. The local elections in May will likely be the first key electoral test for Labour since winning the July election.