Chancellor Rachel Reeves axed the winter fuel allowance for ten million older people. Speaking to BBC Breakfast, the chancellor said: 'When confronted with a £22bn black hole I had to act'.
The Treasury is refusing to release a breakdown of the £22billion Government spending 'black hole' it is using as justification for its tax and spending plans at the upcoming Budget.
In a letter to the paper the Treasury said that complying with it 'risks creating a chilling effect, as officials and ministers feel less able to make free and frank decisions relating to ongoing discussions to manage down in-year pressures'. The OBR cautioned that within drastic action pressures will push spending to more than 60 per cent of GDP by the 2070s
The Confederation of British Industry and the Institute of Directors have also taken aim at Labour as official figures showed growth flatlined in July – Sir Keir Starmer's first month in office. Failure to boost productivity significantly would mean the problem being even more dramatic - with debt estimated to reach more than six times GDP
The shocking picture has been laid bare in the latest assessment by the Office for Budget Responsibility watchdog. Failure to boost productivity significantly would mean the problem being even more dramatic - with debt estimated to reach more than six times GDP.
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