Kate is a Senior Trends Reporter at HuffPost UK, covering the day's most compelling stories. She has worked in the national news since she became a qualified journalist and was previously a reporter with Express.co.uk
made her first speech to parliament as the new chancellor on Monday, and vowed to plug the “black hole” in our public finances.in the country’s coffers, meaning there’s a substantial gap between the money the government thought was coming in and how much is actually being spent.Economists have been warning for some time that the next government would need to raise taxes, cut spending or reduce commitments to save money.Labour wants to reduce the “black hole” by £5.
So she has asked government departments to find savings totally at least £3bn ahead of the autumn budget on October 3 and announced a range of spending cuts.“Let me be clear, this is not a decision I wanted to make,” Reeves said yesterday, while adding that it was the “responsible thing to do”.2. Public sector pay rises
Independent pay review bodies have suggested around a 5.5% pay rise for all public sector workers – and that has been accepted in “full” by the government.Police get a pay rise of 4.75%, prison service workers 5%, NHS workers and teachers will get a 5.5% pay rise and armed forces personnel 6%. Junior doctors will see a 22.3% pay rise over the next two years, putting an end to the long-running strike action which Reeves claimed cost the taxpayer £1.7bn in the last year.All these pay rises will cost £9.4bn, two thirds of which will be funded by centrals government, and the rest will come from within departments’ savings.VAT at the rate of 20% will be added to private school fees from January 1, 2025.4.
Conservative Party Rachel Reeves
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