Paul Johnson of the Institute for Fiscal Studies says the £20bn 'black hole' reported to exist in the public finances roughly equates to the cuts to National Insurance made by the Conservatives in the run-up to the election.,
Chancellor Rachel Reeves has promised to 'fix' the 'mess' the Conservative government left in the economy, amid reports of a £20bn 'black hole' in the public finances. Ms Reeves, who is currently on a visit to the G20 in Brazil, told broadcasters she aimed to tell the world that the UK 'is open for business' and the new government 'want private investment into the UK economy'.
Mr Johnson said: 'Reversing and getting back to where we were last autumn in National Insurance would actually deal with a large part of the problem. 'It looks like Labour have ruled that out. 'That leaves them with much more difficult, sorts of tax changes, quite technical changes to capital gains tax - that perhaps needs to happen to be fair - and to inheritance tax.
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