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UK faces new £20bn deficit black hole – business live

Weak productivity and Brexit uncertainty make it hard for ch..

Weak productivity and Brexit uncertainty make it hard for chancellor Philip Hammond to see tax cuts or spending increases in next month’s Budget

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Philip Hammond has woken up to some bad news. According to the well-respected Institute for Fiscal Studies, the chancellor is facing a new £20bn black hole that could sink any hopes of a ‘giveaway budget’.

The stark analysis adds to pressure on the chancellor as he appears increasingly trapped between the government’s fiscal targets and calls to raise spending as the economy deteriorates and uncertainty over Brexit persists. He is due to deliver his budget on 22 November.

“It is hard to see how the chancellor can both maintain the credibility of his fiscal targets and respond effectively to the growing demands for spending”, the IFS said.

Mr Hammond will not be able to satisfy everyone, perhaps anyone, as he makes budget trade offs. @theifs

Related: UK deficit to heighten pressure on chancellor ahead of budget

#eurozone economy today: economic confidence; Spanish & Belgian GDP; German CPI; #ECB's Costa speaks in Lisbon, Hansson in Tallinn

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