UK chancellor to propose spending cuts to fix worsening public finances

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Adviser Rachel Reeves will provide plans for the official prediction of Britain with billions of pounds in spending, with a focus on reducing the social welfare bill to support weak public financial affairs in the country.

Reeves left 9.9 billion pounds from the financial “Riffs” itself against its financial rules to survey Through the high borrowing costs, while slow growth contributed to its problems before the spring statement on March 26.

People who have seen the operation say Reeves will send “measures” to Budget Responsibility Office It aims to rebuild public financial resources, as some say they are more than 10 billion pounds worse than their budget in October.

One of them said: “I do not need to tell you OBR that the world has changed, that borrowing costs have risen all over the world and that we need to take action.”

Refiz She insists that the spring statement will not be a “full financial event” – still intends to obtain one major budget per year in the fall – but the advisor is forced to take action on public finances.

“We have to go further and faster in reform and spending,” said one of Reeves’s thinking. The counselor will also warn the country that he will have to spend more to defense in the future.

Reeves received the latest OBR forecast on Tuesday and this week will send policy measures to the predictable because they are preparing for their final forecasts for public financial resources on March 26.

The central task of the advisor is to persuade OBR that the cuts you intend to do, especially for social welfare programs, will be presented in reality the savings you claim.

Regardless of social welfare discounts, the Minister of Cabinet Office has been ensuring plans to reduce spending on the central government to make the state more graceful. Wes Streeting, Minister of Health, is also a plan to enhance NHS productivity.

In October, OBR expectations showed that Reeves has 9.9 billion pounds from the head hall against its rule to balance the current budget by 2029-30-30, “a room that is hardly a sickle,” according to the Institute of Financial Studies, a thinking factory.

Liz Kendall, Minister of Labor and Pensions, seeks to persuade OBR that programs to remove people from the advantages of the disease will enhance the public portfolio, as she tries to reduce billions of pounds from the country’s welfare bill by the end of the decade.

The Minister of Labor and pensions lay the basis for reforming the interest system that will be determined later this month, as the Labor Party tries to avoid forcing discounts in spending through the government, or tax rise.

In recent weeks, the Ministry of Labor and Pensions has published five “custom” reviews that determine the financial benefits of new programs to obtain patients and disabled people. I mentioned financial times on monday.

Louise Murphy, a senior economist at the thinking center at the decision, said that the assessments were clearly part of an attempt to obtain OBR to assess new government policies to provide recruitment programs more generous than they were in the past.

She said: “Achieving great savings from the benefits system is really difficult.” “Things you can record tend to be really raw, saying mainly that some dust of people will not benefit from them.”

Reeves is also expected to determine more savings before reviewing full general spending in June / Treasury officials insist that they will not bend their financial bases, amid fears that they will disturb the markets.

Although those familiar with the treasury did not rule out any tax height on March 26, they insist that Reeves want to make major changes in the autumn budget.