Chancellor will outline shortfalls blamed on Tory ‘failure’ that will pave way for tax rises later in the year
Rachel Reeves is expected to reveal a near-£20bn hole in the public finances as the government accuses the Tories of what it says is a “failure” to properly run the government finances. On Monday the chancellor will outline the results of an audit of shortfalls in funding plans that is expected to pave the way for tax increases later this year.
Insiders point to pressures on the NHS, particularly in hospital building but also in defence, prisons and in compensation for scandals over infected blood and the Post Office. However, when it comes to ongoing spending, the biggest problem looming is public sector pay, after independent reviewers recommended rises of 5.5 per cent for NHS and school staff — well above the 3 per cent expected by the Treasury.
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