CHANCELLOR REEVES GIVES PRE BUDGET SPEECH – Reeves says inflation has been too slow to fall and global borrowing costs have risen
The Chancellor of the Exchequer, Rachel Reeves, in her pre-budget speech today, has framed her second annual budget as one of “hard choices” to secure public spending while reducing Britain’s debt, signalling possible broad tax rises to avoid a return to “austerity”.
Reeves added that while progress had been made, “there is more to do. Barely three weeks before delivering the budget, Reeves set out the difficult economic backdrop she decided to go with, pointing to high debt levels, low productivity and stubborn inflation.
Reeves said the UK faced increasing challenges since her first budget last year, as questions grow over which taxes she will raise to keep her budget on track. She further added that the challenges included the continual threats of tariffs, which, she said, deterred investments and dampened growth.
Reeves further stated that inflation had been too slow to fall and global borrowing costs had risen.
