"Working people and businesses can rest assured, I know how important it is to return growth in investments to our economy and I will do that in the Budget this year."
"Reeves has two rules on government borrowing, which she has repeatedly said are "non-negotiable". These are: day-to-day government costs will be paid for by tax income, rather than borrowing by 2029-30 to get debt falling as a share of national income by the end of this parliament in 2029-30."
"Last month, an independent think tank, the National Institute of Economic and Social Research (Niesr), estimated that the chancellor would need to plug a 50bn gap in the public finances"
Rachel Reeves dismissed speculation about a £50bn shortfall in the public finances and said many reports were inaccurate. Long-term government borrowing costs have risen to a 27-year high, increasing pressure to raise taxes or cut spending. Forecasts of the gap vary, with some estimates around £25bn and the National Institute of Economic and Social Research estimating £50bn. Reeves emphasised two non-negotiable borrowing rules: fund day-to-day government costs from tax income by 2029-30 and achieve falling debt as a share of national income by the end of this parliament. The autumn Budget is scheduled for 26 November.
Read at www.bbc.com
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