On November 22 the chancellor will deliver the first autumn budget since 1996. He is almost certain to announce that the economic outlook is now gloomier — and the public finances weaker — than envisaged back in March. Productivity, the key driver of economic growth, has been terrible since 2010. The Office for Budget Responsibility has stated that weak productivity growth is now likely to persist. This will mean less economic output, lower wages and, as a result, lower tax receipts and higher government borrowing.

Source: The Times October 30, 2017 00:01 UTC