Above: File image of Rachel Reeves. Picture by Kirsty O'Connor / Treasury

We're closer to knowing the scale of likely tax rises.

The Financial Times reports Chancellor Rachel Reeves will be dealt a severe blow by updated economic forecasts from the Office for Budget Responsibility (OBR).

Citing "people familiar with the matter", the FT says the OBR is "expected to cut its trend productivity growth forecast by about 0.3 percentage points" at the November 26 Budget.

"This is a more severe revision than the 0.2ppt adjustment we (and many others) had thought would be the compromise outcome," says Sam Hill, Head of Market Insights at Lloyds Bank.

Productivity is the engine that drives sustainable increases in economic growth over time. And, it's economic growth that spawns the tax procee

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