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public spending plansiNews (Indonesia)
•73% Informative
Shadow Chancellor Rachel Reeves will be forced into really difficult’ decisions about public services at the Budget that she will deliver in the coming months if she becomes Chancellor.
The Conservatives would face the same choice between increasing taxes or finding real-terms spending cuts which could total up to 20bn .
Economists believe Labour would end up increasing taxes on savers and businesses to pay for the funding needed to improve services in the short run.
Rachel Reeves has been very clear that she plans to put getting debt falling as a key fiscal rule, along with their current balance rule.
Julian Jessop from the free-market Institute of Economic Affairs predicted that in power, Labour would be forced into pushing up taxes to fund higher spending.
He said that whoever wins this election probably has a choice of trying to deliver extremely tight spending plans or raising taxes.
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