Prime Minister Keir Starmer warned that the upcoming budget will be painful, indicating that Britons are facing difficult decisions regarding tax and spending.
Chancellor Rachel Reeves is navigating a challenging financial landscape as she balances Labour's campaign promises with the necessity of adhering to strict fiscal rules.
Isabel Stockton, an economist, noted that Reeves is 'kind of boxed in' between her commitments on tax and the pressure to increase spending on public services.
The government aims to make Britain the fastest-growing economy in the G7 while maintaining control over debt levels and avoiding austerity measures.
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