The difficult reality is a recognition that we will have to spend more and get less than promised from public services
On a vacant plot next to Leeds General Infirmary, hoardings promise a local healthcare renewal. But many in Yorkshire are clearly not convinced it will ever arrive. Tied to the gate is a large rainbow banner, saying: “Leeds needs its planned new children’s and adult day hospitals: government must honour its promises”.
If nothing else changes, however, borrowing will still come down in 2024-25, showing the government has struck a balance between spending more and keeping the public finances on an improving path. But Reeves has not completed the job of ditching all the legacy junk in the public finances. Extra horrors include demographic pressures that will mount during this parliament as baby boomers retire and the number of very elderly rises sharply.
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