The UK economy faces challenges as ministers are warned to implement 'ruthless' spending cuts. The government's borrowing costs and Pound sterling fell while businesses blame the Chancellor's recent Budget for damaging economic growth.Analysts predict that Rachel Reeves will need to revise her spending plans due to the pressure on UK gilts and the Pound.
The UK was battered by the markets again today as ministers were warned they must find 'ruthless' spending curbs.
Analysts have been warning that Ms Reeves - who is returning from a trade trip to China - will be forced to rip up her spending plans as a result of the backlash. Keir Starmer is giving a speech this morning in which he will insist mass deployment of AI can save the taxpayer huge sums The interest rate on 30-year gilts also hit fresh 27-year highs, up five basis points at 5.5 per cent.
'We think the national insurance increases are going to feed through into inflation, we're going to have a lower growth rate, but also, because of things like the Employment Rights Bill coming along, you're going to find people laying people off and less likely to employ.' Mr Jones wrote: 'Growth is the only way that we can deliver better outcomes in public services, without raising taxes on working people and is our primary mission for this Parliament.
Panels made up of experts from outside Government are set to be brought into every department in order to bring perspective on how taxpayer's money is being spent and how to best use it.
UK ECONOMY SPENDING CUTS BORROWING COSTS POUND STERLING REVEES
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