Chancellor Rachel Reeves Warns of Tough Budget Ahead
Chancellor Rachel Reeves stated next month's Budget will involve difficult decisions on tax, spending and welfare, amid a £22bn deficit. The UK's economy showed no growth in July, impacting Treasury tax revenues despite a summer boost from sports events. Reeves highlighted Amazon's £8bn UK investment and hinted at possible changes to fiscal rules for added flexibility.
Next month's Budget will involve 'difficult decisions' on tax, spending, and welfare, Chancellor Rachel Reeves told the BBC.
Facing criticism for cutting Winter Fuel Payments for all but the poorest pensioners, Reeves maintained it was the right call amid a £22bn deficit in public finances.
The UK economy showed no growth in July, impacting Treasury tax revenues.
Despite a summer boost from sport events, production and construction output declined.
Reeves suggested that changes to fiscal rules could provide more flexibility.
Additionally, Amazon's £8bn investment in UK data centres was highlighted.
Economic trends over three months show recovery led by services, though challenges persist in manufacturing and advertising sectors.
Facing criticism for cutting Winter Fuel Payments for all but the poorest pensioners, Reeves maintained it was the right call amid a £22bn deficit in public finances.
The UK economy showed no growth in July, impacting Treasury tax revenues.
Despite a summer boost from sport events, production and construction output declined.
Reeves suggested that changes to fiscal rules could provide more flexibility.
Additionally, Amazon's £8bn investment in UK data centres was highlighted.
Economic trends over three months show recovery led by services, though challenges persist in manufacturing and advertising sectors.
