Sources say Rachel Reeves told cabinet colleagues yesterday the figure was much higher than previously estimatedHere is Eleni Courea’s story on the Treasury wanting to announce tax rises and spending cuts worth £40bn in the budget.Darren Jones, the chief secretary to the Treasury, has described today’s fall in inflation (see 9.36am) as “welcome news”. But, in interviews, he also warned there would be “hard” choices in the budget.We’re setting budgets for public services at the end of October for one financial year, 25/26.We will not be returning to austerity and we will present an honest set of spending plans that deal with the £22bn black hole that we inherited from the previous Conservative government. Continue reading...
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