Prime Minister Starmer has warned that the upcoming autumn budget will be “painful” due to the discovery of a £22bn “black hole” in public finances. He emphasized that tough decisions must be made to address the situation, with a focus on sharing the burden among those with the broadest shoulders. The budget, scheduled for 30th October, will involve raising taxes, cutting spending, and making changes to benefits.
Starmer highlighted the challenges inherited from the previous government, including unexpected borrowing and societal issues. The Chancellor, Rachel Reeves, is preparing to make difficult decisions in the budget, with a focus on stimulating economic growth. While specific measures were not detailed, it is expected that wealth taxes, pension tax raids, and stricter regulations on non-doms may be included.
Starmer also addressed other key priorities, such as building homes, utilizing artificial intelligence for growth, public ownership of the rail service, and promoting clean energy. He acknowledged that tough choices, like early prisoner releases and means testing winter fuel payments, were necessary to address immediate challenges.
Despite the difficult road ahead, Starmer expressed determination to deliver the change that people voted for. He emphasized that his government has made significant progress in seven weeks, surpassing the achievements of the previous administration. As the country faces economic and societal challenges, Starmer called for unity and acceptance of short-term pain for long-term benefits.
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