Rachel Reeves‚ Britainʼs new Chancellor shows clear spending-over-cuts priorities. Earlier this year she picked education funding over income-tax reduction when asked about a theoretical £7bn choice; now shes implementing similar ideas in real-time
The new financial blueprint pumps £70bn yearly into public services (with NHS and schools getting major funding boosts) Her strategy relies on increased borrowing and a £40bn-per-year tax plan thats set to run until parliament ends
Iʼm not coming back with more borrowing or more taxes ... We wonʼt have to do a budget like this ever again
This bold statement reminds experts of a similar promise: back in late-80s George HW Bush made his famous no-taxes pledge which didnt last through his first year. The Business Secretary Jonathan Reynolds already hints at possible future business taxes – though not as big as current ones
Financial think-tanks point to some tricky math: by decade-end theyll need another £9bn yearly just to avoid real-terms budget cuts. The Office for Budget Responsibility notes that Labourʼs defense-spending goals (moving from 2pc to 2.5pc GDP) would need an extra £17bn per-year
Public-sector challenges keep growing – NHS officials say they need 3pc yearly increases just to maintain current service levels. With inflation-linked pay deals already approved the £10bn error margin under new fiscal rules looks paper-thin
Andrew Jones‚ a real-estate CEO gives a sports-style take: “Its like a 90-minute game of football; were not even a quarter way through. I didnt see the Budget as pro-growth but its too early to call“