{"id":13409,"date":"2017-11-01T21:12:17","date_gmt":"2017-11-01T21:12:17","guid":{"rendered":"http:\/\/www.bnreport.com\/uk-faces-new-20bn-deficit-black-hole-business-live\/"},"modified":"2017-11-01T21:12:38","modified_gmt":"2017-11-01T21:12:38","slug":"uk-faces-new-20bn-deficit-black-hole-business-live","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/uk-faces-new-20bn-deficit-black-hole-business-live\/","title":{"rendered":"UK faces new \u00a320bn deficit black hole \u2013\u00a0business live"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.bnreport.com\/wp-content\/uploads\/2017\/11\/3147-1.jpg\"\/><\/p>\n<p>Weak productivity and Brexit uncertainty make it hard for chancellor Philip Hammond to see tax cuts or spending increases in next month\u2019s Budget<\/p>\n<p> <time datetime=\"2017-10-30T07:39:48.243Z\">7.39am GMT<\/time> <\/p>\n<p><strong>Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.<\/strong><\/p>\n<p>Philip Hammond has woken up to some bad news. According to the well-respected Institute for Fiscal Studies, the chancellor is facing a new \u00a320bn black hole that could sink any hopes of a \u2018giveaway budget\u2019.<\/p>\n<p>The stark analysis adds to pressure on the chancellor as he appears increasingly trapped between the government\u2019s 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.<\/p>\n<p>\u201cIt 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\u201d, the IFS said.<\/p>\n<p>Mr Hammond will not be able to satisfy everyone, perhaps anyone, as he makes budget trade offs. <a href=\"https:\/\/twitter.com\/TheIFS?ref_src=twsrc%5Etfw\" rel=\"noreferrer\" target=\"_blank\">@theifs<\/a> <a href=\"https:\/\/t.co\/O7awOW8e3N\" rel=\"noreferrer\" target=\"_blank\">https:\/\/t.co\/O7awOW8e3N<\/a> <a href=\"https:\/\/t.co\/Bjl0ev1l1O\" rel=\"noreferrer\" target=\"_blank\">pic.twitter.com\/Bjl0ev1l1O<\/a><\/p>\n<p> Related: <a href=\"https:\/\/www.theguardian.com\/uk-news\/2017\/oct\/30\/uk-deficit-to-heighten-pressure-on-chancellor-ahead-of-budget\" rel=\"noreferrer\" target=\"_blank\">UK deficit to heighten pressure on chancellor ahead of budget<\/a> <\/p>\n<p><a href=\"https:\/\/twitter.com\/hashtag\/eurozone?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"noreferrer\" target=\"_blank\">#eurozone<\/a> economy today: economic confidence; Spanish &amp; Belgian GDP; German CPI; <a href=\"https:\/\/twitter.com\/hashtag\/ECB?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"noreferrer\" target=\"_blank\">#ECB<\/a>&#039;s Costa speaks in Lisbon, Hansson in Tallinn <a href=\"https:\/\/t.co\/jibRN2cHOw\" rel=\"noreferrer\" target=\"_blank\">pic.twitter.com\/jibRN2cHOw<\/a><\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/business\/live\/2017\/oct\/30\/uk-budget-deficit-consumer-spending-spain-economy-gdp-business-live\" rel=\"noreferrer\" target=\"_blank\">Continue reading\u2026<\/a><\/p>\n<div id=\"contfix\">\n<div id=\"contdto\">\n        <img decoding=\"async\" src=\"http:\/\/www.bnreport.com\/wp-content\/uploads\/2017\/11\/theguardianlogo-1.gif\"\/><\/p>\n<h4 id=\"contfixlink\"><a href=\"https:\/\/www.theguardian.com\/international\" rel=\"noreferrer\" target=\"_blank\">The Guardian<\/a><\/h4>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Weak productivity and Brexit uncertainty make it hard for ch..<\/p>\n","protected":false},"author":1,"featured_media":13443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-13409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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