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

Pound Sterling can't shake pre-budget Uncertainty.

The pound has fallen to its lowest level in two months against the euro on the day the scale of the 'black hole' in the UK's public finances is made clearer.

According to reports , that hole will be £31BN, owing to a single downgrade in the all-important Office for Budget Responsibility forecasts.

That downgrade pertains to the UK's long-term productivity, which the OBR has perennially overestimated. According to the FT, which spoke to someone "familiar" with the matter, the markdown to productivity is reported to be 0.3ppt, deeper than the consensus was expectin

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