2024-08-05 17:49:40
Public finances of the United Kingdom They have a $28 billion hole inherited from the Conservative Partysaid the British Minister of Economythe labor party Rachel Reeves.
“We inherited a projected overspend of £22 billion this year [28 mil millones de dólares]… covered up by the opposition party,” the statement said. Minister workerafter his party ended 14 years of conservative rule on July 4.
“If not addressed, it would lead to an increase in 25% in this year’s budget deficit,” he told lawmakers, citing a detailed audit of the public accounts. His first budget, he added, will be presented on 30th of October.
“Today I will outline the necessary and urgent work I have already done to reduce that pressure on public finances in 5.5 billion pounds this year and more than 8 billion next year,” he said.
Reeves said the scale of the overspending was “unsustainable” and that failure to act was “not an option” for the new Labour government of Prime Minister Keir Starmer. “The audit of the new government shows that United Kingdom “is bankrupt,” the British prime minister’s office had said.
The previous executive, led by the conservative Rishi Sunak, “She avoided difficult decisions” and “put the party before the country,” added the Finance Minister, the first woman to hold this position in the country.
The upcoming budget will seek to “fix the foundations of our economy,” Reeves said, adding that he will also launch a multi-year spending review to set departmental budgets for three years.
He Conservative Party, However, he rejected Labour’s claims and argued that the new government was using this tax assessment to lay the groundwork for tax increases.
During the campaign, Labour promised not to raise the main taxes that burden workers. The UK deficit stood at around $152 billion in 12 months.
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2024-08-05 17:49:40