The chancellor is set to announce immediate cuts worth billions of pounds, aimed at plugging a “black hole” in the public finances, when she addresses Parliament on Monday. Rachel Reeves’ plans are expected to include the cancellation of some road and rail projects, a reduction in spending on external consultants and a drive to cut public sector waste.
She will accuse the previous government of “covering up” shortfalls in departmental budgets and then “running away”. However, the Conservative Party said the chancellor’s message was designed to “con the British public” so that she could raise taxes.
A Treasury internal audit of the public finances will be published on Monday, and is expected to show a further gap of around £20bn between tax revenues coming in and expected spending. The chancellor will tell Parliament that this requires “immediate action” to restore economic stability and “fix the foundations of our economy”.
Projects that could be paused or cancelled include: the road tunnel under the Stonehenge world heritage site and Boris Johnson’s New Hospital programme.
Source: BBC
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