Recent data from the Office for National Statistics showed Britain borrowed more than expected last month. The UK ran up a budget deficit of 14.9 billion pounds in October, while 12.0 billion pounds was expected in a Reuters consensus.

Meanwhile, the government's Office for Budgetary Forecasting has lowered its growth forecast for next year. In 2024, British GDP is expected to grow by 0.7%, down from the 1.8% forecast made in March.

The Chancellor of the Exchequer, Jeremy Hunt, presented his draft budget yesterday. He announced more than a hundred measures that will "boost business investment by £20 billion a year", and "won't involve more borrowing or debt". The government also made £11 billion in business tax breaks permanent.

Jeremy Hunt unveiled a cut in employee social security contributions, from 12% to 10%, for some 27 million people in the UK "earning between £12,570 and £50,270 a year. The government is also planning "tougher sanctions" against people on benefits who fail to look for work when they could.

The FTSE 100 inched up 0.1% this morning, as oil prices rebounded. Virgin Money UK fell 2.9% after reporting a drop in its full-year profit.

Things to read today:

Hunt may be lucky but he has not solved the UK growth challenge (Financial Times)

Oil Prices Fall After OPEC Meeting Gets Delayed. Disagreements Are Bad News for Bulls. (Barron's)