Reeves’ statement will show Tory government was ‘running away’ from truth about public finances, says minister
MInister says Treasury statement will show Tory government was ‘running away’ from truth about public spending
Good morning. After three weeks as chancellor, Rachel Reeves will today present the most significant policy announcement of the new Labour government so far. Think of it as an inverse budget. Budgets are all about how the government intends to spend money. According to the extensive briefing about this statement, instead it will mostly focus on what the government won’t be spending, on projects it is cancelling because supposedly the last administration kept them on the books without having the cash to fund or finish them.
In policy terms, it will tell us more about what the government wants to prioritise. (Reeves will include recommendations from public sector pay review bodies in her list of Tory “spending black hole” measures. She is expected to accept the recommendations for above-inflation pay increases which the Tories had not approved.)
In political terms, this is an announcement intended to reinforce a narrative Labour wants the public to remember for a decade or more – that the Tories left Britain “broke and broken”.
And, in economic terms, today’s statement is widely expected to pave the way for significant tax rises in the autumn. During the election campaign Labour said it did not want to raise taxes for “working people”. But this implied that tax increases that would only affect the wealthy were in scope and the Treasury has not denied suggestions that today’s analysis could be used to justify measures like capital gains or inheritance tax rises in the budget in the autumn.
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