Rachel Reeves warned that the UK faces a persistent £100 billion deficit over the next five years, emphasizing the need for significant budget cuts and tough decisions.
The Chancellor indicated that the £22 billion gap inherited from the previous government will recur annually, posing ongoing challenges for public service funding and investment.
Reeves mentioned that addressing the massive fiscal deficit requires unlocking private sector investment to stimulate economic growth, while making difficult choices on spending.
Sources note that while ministers understand the need to address the black hole, they underestimate the magnitude of the fiscal challenges ahead for the budget.
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