calculated

At the same time, the dollar share of these reserves dropped to 40% from 43%, he calculated in a note on Friday.

Earlier on Thursday, the Institute for Fiscal Studies calculated there was a £22bn gap for the chancellor to fill, which is at the lower end of expectations.

But those figures don’t account for the extensive tax breaks offered to many U.S. industries, which brought the average effective tax rate for big companies to just 16% in 2022, the Peterson Foundation calculated.

They calculated that tech and related areas, such as scientific research, have had stronger productivity growth in the past five years relative to before the pandemic, and think that AI has partly contributed to that.

Note: Ranges shown are calculated from Russia’s borders; actual reach may differ if missiles are launched from submarines.