The Chancellor has warned she will have to make difficult decisions at the Budget due to a £22bn 'black hole' in public finances
The Chancellor has warned she will have to make difficult decisions at the Budget due to a £22bn 'black hole' in public finances
With finances tight, there are many policy areas which are unlikely to get extra funding at the upcoming Budget in October, while some could face further cuts.Around £84bn has been committed in compensation by previous governments across 12 different redress programmes, including victims of the Horizon and infected blood scandals, of which £47bn is still outstanding, according to an analysis byHowever, no money has been put forward for the approximately 3.
In a statement, a Waspi spokesperson said: “Ministers do have to take tough decisions with limited public money, but they also have to hold their hands up when an independent watchdog says the system got things wrong.”Recent Office for Budget Responsibility predictions suggest welfare spending is set to increase from £261bn in 2022-23 to £360bn by 2028-29 – with the cost of disability benefits alone due to rise from £30bn to £52bn.
Known as the Dilnot reforms, they were due to come into force next year, and cancelling the changes is expected to save the Treasury around £1bn. Currently, the thresholds for income tax and national insurance are frozen until 2028, a measure introduced by the last Conservative government. Labour could decide to keep this freeze in place, or even extend it further to raise more tax revenue.
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