Reeves to put productivity at heart of autumn budget amid £40bn black hole

Rachel Reeves has pledged to use her autumn budget to prioritise fixing Britain's dismal record on productivity as she sought to downplay mounting tax speculation with a focus on economic growth.

- Richard Partington Anna Isaac

Setting out her priorities for the budget for the first time, the chancellor said addressing the efficiency of the economy through higher investment and a fresh assault on planning rules would form the backbone of her tax and spending plans.

Writing in the Guardian, she said: "If Labour's first year in power was about fixing the foundations, then the second year is about building a stronger economy for a renewed Britain."

Reeves pushed back against what she called "speculation" over tax increases being explored by the Treasury to close a yawning gap in the public finances that is estimated to reach more than £40bn.

"The months and weeks before any budget are filled with people speculating about - or claiming to know - what tax and spend decisions I will take or what the Office for Budget Responsibility (OBR) will conclude.

"This budget is no different - I get that. I will set out the decisions I take in the responsible manner," she said.