The British Treasury announced on July 29 that London plans to cut its budget by more than 13.5 billion pounds, equivalent to 17.3 billion USD, over the next two years to offset the previous government's 22 billion pound budget overspending.
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| British Finance Minister Rachel Reeves said she plans to present the full budget plan on October 30. (Source: The Economic Times) |
Speaking in the House of Commons, Ms Rachel Reeves accused the previous government of failing to disclose real spending, which caused the budget deficit to increase by 25% this year.
The new spending plan will see a series of road-building and rail restoration projects cancelled, while the new government has also accepted independent recommendations to increase the pay of public servants, such as teachers and health workers, at a cost of up to £9 billion.
The UK finance minister said he expected to present a full budget plan on October 30, which would include even more "difficult decisions", such as tax rises.
After winning a landslide victory in early July, the UK Labour government spent much of its first three weeks in power criticising the previous government for its mismanagement of most areas of public policy.
Source: https://baoquocte.vn/bo-truong-ng-tai-i-chinh-anh-cao-buoc-chinh-phu-tien-n-nhiem-chi-qua-tay-280649.html
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