"Asked whether she stood by her promise to the CBI last autumn that she was not coming back with more borrowing or more taxes, Reeves conceded: Well, look, I think everyone can see in the last year that the world has changed, and we're not immune to that change. What remains in play is how the government will go about raising the extra revenue necessary to meet Reeves's fiscal rules."
"Reeves stressed the strained state of the public finances, pointing out that the reversal of the winter fuel allowance and botched welfare reforms would already cost the Treasury 7bn a year. She said: There's not a lot of money to go round and we're going to have to reflect that in the budget this year. When people say oh well it's up to Rachel to fund these things in the budget', well yes, up to a point, but you can't keep layering policy on policy"
Rachel Reeves likes to listen to Beyoncé and go for a run to cope with the stresses of being chancellor. Reeves indicated that taxes are likely to rise in November's budget after last year's £40bn increase, citing global change and fiscal constraints. The government must consider how to raise extra revenue to meet fiscal rules. Lifting the two-child benefits cap would cost around £3.5bn if fully implemented. The reversal of the winter fuel allowance and botched welfare reforms already add about £7bn a year to Treasury costs. Budget choices are constrained and cannot absorb unlimited new policies.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]