Rachel Reeves has openly addressed austerity in her latest fiscal policies, announcing a 2.3% annual growth in departmental budgets. In contrast to austerity measures that had negative impacts on investment and growth, her strategy aims to reverse these trends. While the Department of Health and Social Care will see significant budget increases, other sectors will face cuts, with the Home Office and environment departments particularly affected. Unions are urging Labour to accelerate its transformation agenda to effectively address these austerity-related challenges.
"Austerity was a destructive choice for both the fabric of our society and our economy, choking off investment and demand and creating a lost decade for growth, wages and living standards."
"Some departments are faring particularly well. The Department of Health and Social Care will receive 2.8% more on average over the course of the parliament, taking its budget from 189bn in 2023-24 to 246bn by 2028-29."
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