Worries over Budget tax hikes lead to weak business growth

SPECULATION over the upcoming Budget is partly to blame for weaker-than-expected economic growth figures as worries over tax hikes hit business and consumer spending, the former top economist at the Bank of England has warned.

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Andy Haldane, chief economist at the Bank until 2021, told Sky News that the buildup ahead of the November 26 Budget has been a "circus" and called for the process to be overhauled to prevent leaks.

It follows official figures last week that revealed economic growth slowed to 0.1% in the third quarter, down from 0.3% in the previous three months and worse than most economists predicted.