Britain’s new Treasury chief is alleging that the previous government covered up the dire state of the nation’s finances, as she prepares to deliver a major speech to Parliament that is widely expected to lay the groundwork for higher taxes.
FILE - Britain's Chancellor of the Exchequer Rachel Reeves leaves Downing Street in London, on July 5, 2024. Britains new left-leaning government said Sunday July 28, 2024 that the nation is broke and broken, blaming the situation on its predecessors ahead of a major speech on the state of the public finances that is widely expected to lay the groundwork for higher taxes.
As proof that the previous government wasn’t honest about the challenges facing Britain, Starmer’s office highlighted recent comments from former Treasury chief Jeremy Hunt confirming that he wouldn’t have been able to cut taxes this year if the Conservatives had been returned to power. The extracts of Reeves' speech didn't include any mention of potential tax increases, though analysts speculate that any such measures won't be introduced until the government unveils its budget later this year.
Those findings led the government to accuse the Conservatives of making significant funding commitments for this financial year “without knowing where the money would come from.’’ “The assessment will show that Britain is broke and broken — revealing the mess that populist politics has made of the economy and public services,” Downing Street said in a statement.
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