UK’s Reeves sets late November date for budget

LONDON — U.K. Chancellor Rachel Reeves will hold her second budget on November 26, the government confirmed Wednesday.

Her latest tweaks to the public finances will come alongside new economic forecasts from independent watchdogs, which are expected to paint a difficult picture for the country’s top finance minister.

Growth in Britain — a central ambition of the government — has long been sluggish, while the cost of government borrowing has been climbing. A stagnant economy, a self-imposed cap on borrowing for day-to-day public spending, and a manifesto pledge not raise Britain’s three main taxes mean Reeves’ room for maneuver is limited.

But the chancellor has set the date to allow enough time for official forecasters to include recent U.K. trade deals, plus legislation to reform planning, in their growth projections for the first time.

Reeves is expected to announce measures aimed at tackling productivity in the run-up to the budget, with aides noting she believes even more can be done on planning reform.

The government has also launched a consultation on a new gambling tax, and is thought to be looking at other small tax tweaks.