"Rachel Reeves has said she put the public finances on a firm footing at the last budget - but argued that, since then, "the world has thrown even more challenges our way". The chancellor has once again left the blame at the door of the previous government, pointing to "Liz Truss's disastrous mini budget and the 22 billion pound black hole in the public finances". She also pointed to Donald Trump's tariffs and the demand for increased defence spending as she set the stage for sweeping tax rises expected in three weeks time."
"Later this month, I will deliver my second Budget as chancellor. At that Budget, I will make the choices necessary to deliver strong foundations for our economy for this year, and years to come. It will be a budget led by this government's values, of fairness and opportunity, and focused squarely on the priorities of the British people protecting our NHS, reducing our national debt and improving the cost of living."
Rachel Reeves signalled that the public finances had been stabilised at the last Budget but that new global pressures have emerged since. The chancellor blamed the prior government's mini-budget and a reported £22 billion public finances gap, and pointed to external factors including US tariffs and rising defence spending. Reeves announced a major pre-Budget speech outlining three priorities: cutting hospital waiting lists, reducing national debt and easing the cost of living. Speculation surrounds potential tax increases that could conflict with the 2024 manifesto pledge not to raise main taxes on working people.
Read at www.independent.co.uk
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