The UK national debt has reached 100% of GDP for the first time since the 1960s, presenting severe challenges for Chancellor Rachel Reeves as she approaches the next budget.
Darren Jones highlighted the dire state of public finances inherited from the Conservatives, noting that Labour now faces tough decisions to revive the economy amidst the highest August borrowing figures recorded.
With a £22 billion shortfall uncovered, Keir Starmer has warned the public to brace for painful decisions ahead of the upcoming budget, as consumer confidence plummets.
Reeves's strategic cuts, including scrapping winter fuel payments and halting significant health and infrastructure investments, are generating internal concern within Labour and may negatively impact economic growth.
#uk-national-debt #economic-policy #chancellor-rachel-reeves #government-budget #consumer-confidence
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