"Rachel Reeves is ripping off the band-aid - albeit slowly and deliberately. By signalling her intent ahead of time, she's preparing the ground for tough but necessary fiscal choices. This approach sets the stage for what could be one of the most consequential Budgets in recent memory."
"act on the world as it is, not as we wish it to be."
"long-standing productivity problem, not puzzle"
Chancellor Rachel Reeves delivered a pre-Budget speech 22 days ahead of the Autumn Budget, outlining the "principles and choices" that will guide Budget decisions. Reeves attributed much of the current fiscal challenge to "years of mismanagement" and a £22 billion black hole left by the previous government, citing the mini-Budget fallout and high borrowing costs. She called for honesty about past decisions and urged action to "act on the world as it is, not as we wish it to be." The agenda emphasised stability, investment and reform, targeted a "long-standing productivity problem, not puzzle," and prompted market reactions and speculation that income tax rises could break manifesto commitments. Financial firms warned savers and investors to seek urgent advice.
Read at London Business News | Londonlovesbusiness.com
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