Rachel Reeves emphasized that the fiscal rules laid out in her budget are non-negotiable, stating economic stability is the bedrock for economic growth and prosperity.
The recent turmoil in the UK’s financial markets, with the pound falling to a 14-month low and rising gilt yields, raises concerns about the Chancellor's ability to meet her fiscal rules.
The upcoming spending review is expected to demand efficiency savings worth 5% of departmental budgets, but increasing government debt may necessitate even deeper cuts, challenging fiscal stability.
Concerns have been raised about potential cuts to public services and disability benefits as the Chancellor navigates the balance between fiscal responsibility and supporting the economy.
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