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UK reportedly faces more than £20bn hit from steeper productivity downgrade, fuelling tax rise speculation – business live

The Guardian•Tuesday, October 28, 2025 at 7:51:29 AM
NegativeFinancial Markets
UK reportedly faces more than £20bn hit from steeper productivity downgrade, fuelling tax rise speculation – business live
The UK is facing a significant economic challenge as the government's forecaster is set to downgrade productivity growth predictions, potentially leading to a budget shortfall exceeding £20 billion. This situation raises concerns about possible tax increases to address the financial gap. Meanwhile, HSBC has reported a 14% decline in third-quarter profits, impacted by a downturn in Hong Kong's real estate market and ongoing legal issues related to the Bernard Madoff Ponzi scheme. These developments highlight the interconnectedness of global economic factors and their local implications.
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