Britain’s new Treasury chief says she will run the economy with “iron discipline.”.
Britain's Chancellor of the Exchequer Rachel Reeves cheers a meeting of the National Wealth Fund Taskforce at 11 Downing Street in London, Tuesday, July 9, 2024.
The Times of London reported that the independent bodies that advise on public sector pay had recommended a 5.5% raise for teachers and around 1.3 million NHS employees. Paul Johnson, director of the Institute for Fiscal Studies think-tank, said that could cost the government 3 billion pounds more than it had budgeted for.
“There is a cost to not settling, a cost of further industrial action, a cost in terms of the challenge that we face in recruiting, retaining doctors, nurses and teachers,” she said. Conservative lawmaker Jeremy Hunt, Reeves’ predecessor as Treasury chief, said it was “absolute nonsense” to claim his party had left the economy in the worst state in decades after its 14 years in office.
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