The report said the prime minister and chancellor face a thankless task to come back from Liz Truss and Kwasi Kwarteng's disastrous mini-budget, which plunged the economy into turmoil and forced the downfall of Ms Truss' short premiership.
Unemployment could also rise by around half a million and the weaker economic outlook could bring borrowing up by around £20bn a year by 2026-2027, the report said.
It said the chancellor's"menu" of options includes investment spending cuts, which could save £10bn but could have a detrimental impact on growth.
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