During a lengthy statement in the Commons, the chancellor announced the date of the budget, which is Labour’s first since assuming office following the election on July 4. She also accused the previous Conservative government of lying about how much public money they had planned to spend.
Following a Treasury analysis of government finances, which revealed a £22 billion black hole, Ms. Reeves made her announcement.
Even though Labour categorically denied raising significant taxes throughout the election campaign, the Conservatives have read Ms. Reeves’ remarks as setting the stage for further tax increases in the upcoming budget.
Former chancellor Jeremy Hunt charged that Ms. Reeves was using the Conservative administration as a scapegoat to justify tax hikes and project cancellations.
“The full economic and fiscal forecasts from the Office for Budget Responsibility” will be presented alongside the budget, which outlines the goals of the government for the economy, according to Ms. Reeves.
She stated that the budget would address the fundamentals of our economy.
She said that the budget will be based on the same principles that led to the election of this new government.
“Treating taxpayers’ money with respect by ensuring that every pound is well spent” was the chancellor’s pledge.
“Represents value for money” is what Ms. Reeves promised to make sure every public expenditure does.
