(UK) Finances in worst state since Second World War
Rachel Reeves has warned that Britain is facing the worst public finances since the Second World War as she ordered a review by Treasury officials.
She said in her first speech as chancellor: “I have repeatedly warned that whoever won the general election would inherit the worst set of circumstances since the Second World War. What I have seen in the past 72 hours has only confirmed that our economy has been held back by decisions deferred and decisions ducked, political self-interest put ahead of the national interest. A government that put party first and country second.”
Reeves has asked civil servants to compile a dossier on the current situation over the coming weeks and will present her analysis to MPs before the summer recess.
Economists have previously said that Labour will be forced either to raise taxes or cut public spending to balance the books. Sir Keir Starmer has accused them of being “defeatist” and “cynical” and said that Labour would defy growth forecasts.
https://www.thetimes.com/uk/politics/article/labour-latest-news-rachel-reeves-keir-starmer-kbmjjdrdr