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Headline : Reeves to reveal £19bn financial gap amid tax hike plans

Read more from the original article on here at bmmagazine.co.uk.





Tags : #reeves #reveal #19bn #financial #gap #amid #tax #hike #plans


No. of Paragraph 20

This announcement comes as she assesses the fiscal challenges inherited from the previous Conservative administration.

According to Whitehall sources, an early audit has identified approximately £19bn in “excess pressures” for the 2024-25 financial year. These pressures include the need for higher public sector wages, as Reeves is expected to approve several inflation-adjusted pay agreements.

The financial assessment, due to be presented in Parliament next Monday, will include a detailed report on the state of public finances from every department. Reeves is also expected to announce the date of her first Budget on the same day. The Treasury will publish an unembellished evaluation based on the latest departmental figures.

A Whitehall source noted, “They aren’t simple calculations because a lot of departments are making lots of different assumptions.”

Read more from the original article on here at bmmagazine.co.uk.


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