Rachel Reeves is said to have uncovered a massive £20bn “Blackhole” in the state’s finances. This would reveal the poor state of the nation’s finances, formerly under conservative rule.
Tories Left the Country in “Bad Shape”
During the first weeks of labour government, there were many changes and discoveries. Some sectors are in worse shape, and it would take a lot of work to “fix” what the Tories left behind.
There’s a Problem in Finance
According to Sky News, the finance secretary Rachel Reeves has seen flaws in finances, which will reveal the bad state of the economy.
Taxpayer Money Wasted
Sky News reported that a source informed them the Tories “used taxpayer money ‘like no tomorrow,’ knowing that someone else would have to pick up the bill.”
Empty Promises?
In an interview with Sky News, Wes Streeting, the secretary of State for Health and Social Care, said the Tories promised to build 40 new hospitals for the NHS. However, there was reportedly no commitment to this promise.
“Fictitious Timetables and Unfunded Commitments”
The former government’s promises were based on “fictitious timetables” and “unfunded commitments.” Streeting said there were many projects promised that the public is truly passionate about.
Funding Timetables Required
Streeting further said in the interview that he has asked parliament officials to “come up with an honest assessment of realistic timetables and the funding needed to deliver that program.”
Giving the People the Truth
Streeting added that Labour is committed to delivering, and he is prepared to tell the public based on honest schedules.
Shocked at the State of the Finances
Labour knew it was picking up one of the worst economic situations, but the extent of things is more shocking, Streeting said.
Economy Foundations
Sky News source said the responsibility now falls on the labour government to take care of things in its poor state. But, hard “work has already begun.” Labour now has to repair the broken “foundations of our economy,” the source said;
Always Honest
Chancellor Reeves told the finance ministers in the G20 meeting that she would give a statement on the country’s economic affairs. She also commented that she had always been honest about the challenges the government now faces.
Prepared to Fix the Mess
“…Let me be crystal clear: we will fix the mess we inherited,” Chancellor Reeves sternly said in the G20 meeting.
Even More Challenging Financially
According to Sky News, the labour government faced an even further challenge due to the 5.5% increase in the number of public sector workers.
More Than What Was Prepared For
The Labour government would potentially have to get £10 billion to cater to over 1.3 million NHS personnel and teachers’ increased salaries. However, it’s reportedly impossible for the government to compensate the 5.5% increase “without making cuts elsewhere,” Sky News reported.
Threat to Strike
Daniel Kebede, the secretary of the National Education Union, told Sky News that public sector workers could strike if they don’t get the increase.
Were the Conservative Government Not Completely Honest?
In an interview with Sky News, shadow work and pensions secretary Mel Stride was asked if the conservatives were “selective” in telling the truth. Stride responded, “Not at all.”
Not 100% True
Stride also told Sky News that the Labour government made it look as though they “opened everything up, had a look, and saw it’s all far worse than they could ever imagine, and therefore we’re going to raise your taxes.”
Difficult Decisions
Streeting confirmed that the government had to make difficult decisions in the years leading up to now. However, “tough choices” were needed to fix the mishaps of the previous conservative government.
Standing With Chancellor
Wes Streeting told Sky News that the government supported Chancellor Reeve’s decisions to fix the country’s economic state 100%.
Awaiting the Financial Speech
The chancellor is said to give a speech revealing the state’s financial affairs next week.
Public Awaiting Results
Could a tax increase be on the horizon? The public eagerly awaits the outcome of Monday’s speech.
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Featured Image Credit: Shutterstock / Martin Suker.