The chancellor’s message was: this is going to hurt, but it’s not my fault. Haven’t we heard that somewhere before?For George Osborne read Rachel Reeves. For 2010 read 2024. The party affiliation might be different but the message from the two chancellors shortly after arriving at the Treasury was the same. In both cases it amounted to two basic propositions: this is going to hurt, and the other lot are to blame.Like Osborne, Reeves said she would not duck tough decisions, and she was as good as her word. Labour’s first chancellor in 14 years announced £5.5bn of spending cuts and made no secret of the fact there would be more pain to come in the budget on 30 October. Continue reading…
Source link : https://www.theguardian.com/business/article/2024/jul/29/rachel-reeves-goes-back-to-the-future-with-her-public-finances-statement
Author : Larry Elliott Economics editor
Publish date : 2024-07-29 17:44:04
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Rachel Reeves goes back to the future with her public finances statement
