British Finance Minister Rachel Reeves declared on Wednesday that he will present his annual balance on November 26, focusing on maintaining a “rigorous control” of public spending to help reduce inflation and loan costs.
The announcement of the budget date occurs in a moment of renewed control of the financial market in the United Kingdom, with concerns about the ability to keep their finances under control, helping to increase the loan costs by 20 years at the highest level since 1998.
British inflation is also the highest in G7, limiting the scope of the bank of England to reduce the interest rate.
“The British economy is not broken. But I know it doesn’t work quite well for workers,” Reeves said in a video message.
“We must reduce inflation and loan costs, maintaining strong control of daily shopping through our non -negotiable tax rules,” he added.
The government also wants to continue the measures to increase economic growth.
Reeves and Prime Minister Keir Stmerer are struggling to meet the growing spending needs in a public finance scenario already overloaded, a weak economic and pre-electoral growth promises not to increase the main fees rates.
The definition of your plans for next year will probably lead to Reeves’ need to find other ways to increase tax revenues as it intends to balance the expenditure for tax revenues by 2029/30.
In March, Reeves had just under 10 billion pounds of the maneuvering margin to achieve this. But economists expect now to face a deficit of about 20 billion pounds, due to strong growth, high loan costs and the twist of social assistance plans for long -term patients and subsidies for fuel for pensioners.
In last year’s budget, Reeves has increased taxes by 40 billion pounds – the largest increase of over 30 years – something that promised not to repeat.
The new budget will be presented together with a Semes update
Source: Terra
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