Rachel Reeves has admitted that the Treasury is considering both tax rises and spending cuts in the Budget – which will take place in late November.
Speaking to Sky News, in her first interview since being briefed by the Office for Budget Responsibility (OBR), Reeves said “of course” tax and spending are being looked at.
The Chancellor was shown a draft of the OBR’s fiscal report on 3 October, which will have detailed the size of the fiscal black hole she will aim to fill on 26 November.
Before this, she had avoided mentions of tax and any confirmation of rises.
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Already this morning there is talk of tax hikes in the 26 November Budget, with Rachel Reeves telling Sky News that tax rises and spending cuts are being considered.
Wednesday will also see the return of Prime Minister’s Questions after a pause for the political party conference season. We’ll have live updates as it happens.
She plans to ask other nations to work closing with the UK to tackle small boat crossings.
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