Rachel Reeves is at risk of breaching her budget rules after leaving herself “very thin” fiscal buffers, the OECD has warned, as it urged the UK chancellor to boost tax revenues.
The OECD cut its UK growth forecasts on Tuesday and called on the Labour government to step up efforts in bolstering its budgetary wriggle room at a time when the UK faces “substantial downside risks to growth”.
The UK’s economic momentum is weakening, the OECD said in its latest global outlook, as it trimmed the country’s 2025 growth forecast to 1.3 per cent, from 1.4 per cent in March. Output will expand by just 1 per cent in 2026, the OECD added, softer than its previous 1.2 per cent prediction.
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