Reeves sets date for Budget to fix '£40bn blackhole'

THE Chancellor announced the date of the autumn Budget yesterday, prompting accusations she is delaying it in the hope the economy improves.

- By Christian Calgie Senior Political Correspondent

Rachel Reeves revealed her second Budget will come on November 26.

It is believed the Office for Budget Responsibility, which will provide official forecasts and estimates about the economy for the fiscal event, will confirm a blackhole of up to £40billion.

Announcing the date, Ms Reeves issued a statement attempting to calm market jitters, as the cost of government borrowing continued to soar.

The country’s gilt yields, the interest rate on money the government borrows, has hit a 27-year record high in recent days, soaring past the level seen in the fallout from Liz Truss’s 2022 mini-Budget.

Uncertainty