Rachel Reeves will announce Labour’s first Budget in 15 years later this month, leading one of the most highly-anticipated fiscal events in over a decade.
As the chancellor looks to fill the £22bn “black hole” in public spending she announced in late July, speculation has mounted about what measures will be included on 30 October.
Ahead of the event, ministers have reportedly written directly to the prime minister to ask that proposed spending cuts be softened, bypassing Ms Reeves. It is understood that Number 10 has received complaints from several government departments.
During Labour’s first few months in power, ministers have warned that “tough decisions” will be required to balance the books. Sir Keir Starmer has said the event is going to be “painful” but that there is “no other choice given the situation that we’re in.”
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This likely means tax rises and spending cuts can be expected, with Reeves reportedly looking to raise £40bn. The government has already come under fire for its decision to cut winter fuel payments for millions of pensions, sparking a row that has lasted over its first 100 days in power.
How make-or-break Budget has fractured Keir Starmer’s cabinet
Rachel Reeves’ Budget is a make-or-break moment for Sir Keir Starmer’s government, potentially sparking a decade of national renewal – or sowing the seeds of Labour’s downfall.
The prime minister’s poll ratings are at rock bottom after just over 100 days in charge, and the much-hyped “tough choices” to be unveiled on October 30 will likely do little to help boost his appeal.
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