ALL eyes will be on the UK Chancellor of the Exchequer, Rachel Reeves, in the House of Commons next Wednesday when she reveals her much-anticipated and controversial budget.
With financial experts reporting concerning figures, it’s expected that the Labour MP will use her budget statement on Wednesday (March 26) as an opportunity to try and generate needed funds.
It has been reported that Ms Reeves’ is going to make significant cuts to welfare spending.
Early indicators suggest that the UK Chancellor of the Exchequer will look at how much money is being paid out in Personal Independent Payments (PIP) benefit and how it can be reduced.
The UK Chancellor will also likely detail how the government intents to roll out its international aid funding, following news that the defence spending will rise significantly over the next two years.
With the economy continuing to struggle, significant financial measurers will likely be imposed.
“She [Rachel Reeves] can’t borrow for day-to-day spending from 2029. She’s got to reduce the amount this government borrows,” Deputy Political Editor with Sky News, Sam Coates, said.
“But she also spent right up to the limit and borrowed right up to the limit, leaving herself historically low – what’s known as headroom – just under £10 billion.
“And since then, growth has been worse. Borrowing costs have been higher. All of which means that she’s going to have to do more borrowing than she predicted in October.”
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