Chancellor Rachel Reeves is preparing to implement £40 billion in tax rises and spending cuts in her upcoming Budget to address a significant funding gap left by the previous government.
At a recent political cabinet meeting, Reeves emphasized that merely addressing the £22 billion deficit inherited would only allow public services to remain unchanged, necessitating a more substantial financial plan.
Reeves indicated that upcoming Budget decisions would be challenging, involving potential reductions in spending, welfare, and tax, amidst her commitment to avoiding a return to austerity.
Despite speculation regarding tax changes, a Treasury spokesperson confirmed that details would remain undisclosed until the official fiscal announcements, emphasizing the government's cautious approach to financial matters.
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