The British Labour government has denounced the huge “hole” in the public finances left by the previous executive.
Without action to address it, Rachel Reeves said, the deficit could generate a “25 percent jump in the budget deficit this year.”
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The UK Chancellor of the Exchequer (responsible for Finance and the Treasury) announced on Monday, July 29, that the previous government had left “slot” in Britain's public finances, paving the way for possible tax increases.“We have inherited £22 billion in overspending.”That's about 26 billion euros, Rachel Reeves said in a speech to parliament. This was a deficit “mask” The Labour Secretary said that after 14 years in power in the UK, the Conservative Party.
Rachel Reeves said that without action to address this issue, “slot” In public finance it can generate a leap of “25% of the budget deficit this year”Therefore, the minister will launch “Urgent and necessary action to reduce the pressure on public finances by £5.5bn this year, and by more than £8bn next year”. The first budget speech, which will include: “difficult decisions”It will be revealed on October 30th.
However, Rachel Reeves promised that the government, in line with the Labour Party's programme, would not increase social security contributions and taxes for workers. “people who work”Labour has ruled out austerity and called on the government to follow independent recommendations to give millions of civil servants pay rises above the rate of inflation.
