"Reeves, who is facing the scrutiny of jittery backbench MPs and bond investors, has said her priorities are cutting NHS waiting lists, the national debt and the cost of living. Here are five charts that will underpin her decisions. Chart showing extent of factors Gsuch as disability benefit changes and lower tax revenues contributing to budget shortfall Reeves has committed to operate within an ironclad"
"fiscal rule, a self-imposed target requiring day-to-day spending to be matched by receipts in the fifth year of the forecast from the Office for Budget Responsibility (OBR). In the spring, Reeves left 9.9bn in reserve as a buffer. But this is expected to have been more than erased by higher borrowing costs, welfare U-turns and an anticipated sharp OBR productivity downgrade. The exact size of the shortfall will be a key moment of the budget. Most economists expect a gap of up to 20bn"
Rachel Reeves will unveil an autumn budget expected to include tax and spending measures to address a multibillion-pound public finances shortfall. She faces scrutiny from backbench MPs and bond investors and prioritises cutting NHS waiting lists, reducing the national debt and tackling the cost of living. Reeves has committed to an ironclad fiscal rule requiring day-to-day spending to be matched by receipts in the fifth year of the OBR forecast. A 9.9bn spring reserve is understood to have been eroded by higher borrowing costs, welfare U-turns and an anticipated sharp OBR productivity downgrade, with most economists estimating a gap up to 20bn and the IFS predicting 12bn.
Read at www.theguardian.com
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