Keir Starmer emphasized the necessity of public spending cuts to adhere to the government's fiscal rules, indicating a shift back to strict fiscal discipline following past promises against austerity. This has emerged notably during a time of economic strain, including rising government borrowing costs.
Starmer expressed full confidence in Chancellor Rachel Reeves, affirming her tough stance on public spending as she navigates unprecedented economic challenges, following twelve years of Conservative governance, underscoring the need for gradual economic recovery.
Acknowledging the impact of over a decade of Conservative rule, Starmer stated, 'It's going to take time,' regarding economic turnaround efforts, reiterating that immediate recovery—as some may hope—is unrealistic.
The Chancellor is prepared to enforce deeper cuts than previously planned, indicating that adherence to fiscal policies may necessitate stark reductions in departmental spending, without reliance on borrowing or tax increases.
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