U.K. Chancellor of the Exchequer Rachel Reeves is gearing up to present the current state of public finances amidst a political tug-of-war between her own Labour Party and the opposition Conservatives. In her upcoming speech, Reeves is expected to reveal a nearly £20 billion shortfall left by the previous Tory government, setting the stage for the next five years of economic and political decisions in Britain.
This deficit sets the scene for her upcoming autumn budget, where she hints at having to make tough choices to address the financial gap. Whether Reeves and Prime Minister Keir Starmer opt for tax increases or spending cuts, both the Tories and the Labour left are eagerly waiting to critique their decisions.