As he concentrates on long-term growth, Prime Minister Keir Starmer of Britain’s new Labour government warns of tax increases and public spending cuts in the first budget, which is released on Wednesday.
Starmer’s goal of reviving the British economy depends on the much-awaited fiscal update, which is the first under the centre-left administration after 14 years of Conservative control.
But he stated that certain “tough decisions” will need to be made in order to do that. In order to borrow billions more to invest, the administration has stated that the budget will include tax increases, spending cuts, and adjustments to fiscal regulations.
Finance minister Rachel Reeves, who will present the budget to parliament October 30, has promised “iron discipline” over public finances.
Criticism has already been mounting against the government for scrapping a winter-fuel benefit scheme for millions of pensioners with a recent YouGov poll showing only 18 percent of the public approves of its performance.
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