Chancellor embroiled in a row over how much Labour knew before the election about a hole in the public finances
Chancellor Rachel Reeves has warned the UK to expect tax rises in her autumn Budget, as a row erupted over how much she knew about the £22bn fiscal hole she claims she inherited from the last Conservative government. “I think that we will have to increase taxes in the Budget,” Reeves told the News Agents podcast on Tuesday. She declined to detail which taxes would increase, but again ruled out rises to value added tax, national insurance or income tax.
“Now the home secretary has been forced to go to the chancellor with a begging bowl because he’s bust his budget by over £5bn,” she said in February. Former Tory home secretary James Cleverly said: “No one could be surprised that asylum has been funded through reserves. It’s a multiyear pattern of funding. “To turn around and say you’re shocked the government was planning to do what it’s done for the last three years is nonsensical.
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