Rachel Reeves’s £40bn of tax rises will weaken long-term growth in Britain’s economy, the Office for Budget Responsibility (OBR) has warned.
The official forecaster said the economy is expected to grow by just over 1pc this year, rising to 2pc in 2025, before falling to around 1.5pc.
This is “below its estimated potential growth rate” of 1.66pc, over the remainder of the forecast.
In the first Budget by a Labour government in 14 years, the Chancellor said she will increase National Insurance contributions for employers by 1.2 percentage points to 15pc from April, raising £25bn.
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