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A Cabinet minister has warned there will be “consequences” from recent weaker economic forecasts at this month’s Budget as he declined to repeat Labour’s promises on tax.

Defence Secretary John Healey insisted no decisions had been made on the final shape of the Budget, due to be delivered by Rachel Reeves on November 26.

But he added that the Office for Budget Responsibility (OBR) now saw much worse “scarring” on the economy than previously thought and the Chancellor would make “announcements to deal with those challenges”.

And asked whether the Government w

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