"In an unprecedented move, Chancellor Rachel Reeves has delivered a pre-Budget speech 22 days ahead of the Autumn Budget, outlining the "principles and choices" that will guide her Budget decisions. Appealing to public sentiment and referencing the strain on the NHS, Reeves attributed much of the current fiscal challenge to "years of mismanagement" and a £22 billion black hole left by the previous government - citing the fallout from Liz Truss and then Chancellor Kwasi Kwarteng's disastrous mini-Budget"
"In a nod to fiscal realism, the Chancellor said it was time to be honest with the public about the consequences of past decisions and to "act on the world as it is, not as we wish it to be." Her message centred on stability, investment and reform, marking a departure from previous governments that, she said, failed to confront deep-rooted challenges - most notably the UK's "long-standing productivity problem, not puzzle" and the impact of post-financial crisis austerity."
Chancellor Rachel Reeves delivered a pre-Budget speech 22 days before the Autumn Budget setting out principles and choices to guide forthcoming decisions. She blamed years of mismanagement and a £22 billion black hole from the previous government, citing the fallout from Liz Truss and Kwasi Kwarteng's mini-Budget and high borrowing costs. She listed pressures including tariffs, persistent inflation, volatile supply chains, high everyday costs, elevated government borrowing and the need to boost defence spending. Reeves pledged to build a system protecting those who cannot work and empowering those who can, acknowledged weak inherited productivity, and emphasised stability, investment and reform while markets reacted and speculation rose about an income tax increase.
Read at London Business News | Londonlovesbusiness.com
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