Good morning from the City AM live blog team,
Today, Rachel Reeves is set to raise a number of eyebrows as she gives an Autumn Budget preview.
In a speech at Downing Street, the Chancellor is expected to lay out the economic choices she will make at the Budget, which will be routed in the government’s “values of fairness and opportunity”.
Reeves will also say it is “important” for people to understand the “circumstances we are facing”.
It comes as the Treasury is expected to be battling a fiscal blackhole of near-£30bn after a productivity downgrade from the fiscal watchdog.
But Reeves will frame the choices around “protecting the NHS,” slashing the national debt and improving the cost-of-living.
Elsewhere, we’re expecting a batch of updates from FTSE 100 heavyweights this week and on today’s cards is a third-quarter update from BP.
The Organization of Petroleum Exporting Countries (OPEC) has agreed to up the cartel’s exports by 137,000 barrels a day in December, before halting any further rises in January, February and March.
But this marks a major switch in policy after the group increased its production quota by almost 3m barrels of crude a day over the past year.
Oil prices spiked quickly on the news rising 0.75 per cent to $65.25 per barrel. However, this quickly faded over the course of the day, with futures then trading down one per cent.
Our top stories from yesterday:
Rachel Reeves’ banking reforms ‘unlikely to be transformative’
Minimum wage hike puts pressure on professional starting salaries
Ryanair boss Michael O’Leary says high tax UK economy is ‘doomed’
Experian to include rent payments in credit scores
Nigel Farage walks back on tax cut pledges after predicting ‘economic collapse’
Productivity crisis deepens as public sector continues to stutter
Salesforce: UK profit surges as 300 jobs are lost