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Major pharmaceutical firms, including AstraZeneca and Merck, are pausing or canceling planned investments in the UK due to a challenging business environment. This follows recent withdrawals and delays, with concerns over UK policy and economic conditions impacting future growth prospects.
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Recent UK government borrowing in August hit a five-year high at billion, surpassing forecasts and raising concerns about fiscal stability. The government faces increased pressure to raise taxes amid rising debt interest, sluggish growth, and a widening budget deficit, with upcoming budget plans likely to include tax hikes and spending cuts.
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Rachel Reeves faces a £20bn fiscal gap in next month’s budget due to a downward revision of UK productivity forecasts by the Office for Budget Responsibility. The downgrade, driven by Brexit, austerity, and the pandemic, increases pressure on tax rises and spending decisions amid economic challenges.
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UK Chancellor Rachel Reeves faces a chaotic pre-budget period marked by leaks, policy U-turns, and market uncertainty. With a black hole in public finances and political pressures, her upcoming budget will likely feature multiple tax and spend tweaks, including tax rises, amid a tense economic backdrop.