November's Budget is likely to represent something of a conundrum for the Chancellor. With many attributing the loss of their majority at June's general election, at least in part, to increased public dissatisfaction with austerity, some loosening of the fiscal stance would appear politically desirable. But with the Office for Budget Responsibility (OBR) having warned that it plans to make significant downward revisions to its forecasts for productivity growth, Philip Hammond is faced with having much more limited room for manoeuvre.
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