• Publish Your article
  • Editorial Policy
  • Contact
  • Advertise
Sunday, June 15, 2025
No Result
View All Result
UK Herald
  • Home
  • Politics
  • Business
  • Entertainment
    • All
    • Sports
    England rugby stadium Twickenham given new name after more than 100 years in shock new deal

    England rugby stadium Twickenham given new name after more than 100 years in shock new deal

    Peter Morgan dead at 65: Former Wales and Lions rugby star who became a politician passes away as club pays tribute

    Peter Morgan dead at 65: Former Wales and Lions rugby star who became a politician passes away as club pays tribute

    Horse racing tips: Unexposed Group 1 contender can stun the big guns at 14-1

    Horse racing tips: Unexposed Group 1 contender can stun the big guns at 14-1

    Woman ‘raped seven times by two French rugby stars who left her riddled with bite marks & with horror injuries’

    Woman ‘raped seven times by two French rugby stars who left her riddled with bite marks & with horror injuries’

    Horse racing tips: Gary Moore’s charge can gain revenge after falling last time out

    Horse racing tips: Gary Moore’s charge can gain revenge after falling last time out

    Ian Buckett dead at 56: Former Wales rugby star who was ‘admired and feared equally’ dies as tributes pour in

    Ian Buckett dead at 56: Former Wales rugby star who was ‘admired and feared equally’ dies as tributes pour in

    Horse racing tips: Bash the bookies with these longshots including 9-1 fancy

    Horse racing tips: Bash the bookies with these longshots including 9-1 fancy

    Shayne Philpott dead at 58 – New Zealand All Blacks rugby legend dies after suffering ‘medical event’

    Shayne Philpott dead at 58 – New Zealand All Blacks rugby legend dies after suffering ‘medical event’

    Horse racing tips: This 7-1 chance appears to have been laid out for race he won last year

    Horse racing tips: This 7-1 chance appears to have been laid out for race he won last year

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel
    ‘Ambitious’ new sleeper train will connect 100 European cities — with private rooms from £67

    ‘Ambitious’ new sleeper train will connect 100 European cities — with private rooms from £67

    Unassuming UK village is an absolute gem for foodies with ‘exceptional’ restaurants

    Unassuming UK village is an absolute gem for foodies with ‘exceptional’ restaurants

    TUI relaunches UK flights to forgotten year-round sunshine destination after 3 years

    TUI relaunches UK flights to forgotten year-round sunshine destination after 3 years

    New Alternative Treatments for Erectile Dysfunction

    New Alternative Treatments for Erectile Dysfunction

    ‘Eurostar of Scotland’ launches new London service spanning 353 miles and 11 stops

    ‘Eurostar of Scotland’ launches new London service spanning 353 miles and 11 stops

    I always play ‘check-in chicken’ on flights – it works a treat

    I always play ‘check-in chicken’ on flights – it works a treat

    The ‘Venice of Eastern Europe’ is a ‘youthful’ city with £29 flights — and 800 gnomes

    The ‘Venice of Eastern Europe’ is a ‘youthful’ city with £29 flights — and 800 gnomes

    Chasing waterfalls and a Great Blue Hole, I fell hard for ‘The Jewel’

    Chasing waterfalls and a Great Blue Hole, I fell hard for ‘The Jewel’

    Are standing-only plane seats really coming to Ryanair, Easyjet and more? Here’s the truth

    Are standing-only plane seats really coming to Ryanair, Easyjet and more? Here’s the truth

    ‘Full of life’ capital city to get new UK flights for just £87

    ‘Full of life’ capital city to get new UK flights for just £87

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Health
  • Opinion
  • Science
  • Tech
  • Crypto
  • Travel
  • Real Estate
  • Sports
  • More
    • Press Release
UK Herald
No Result
View All Result

Treasury minister warns ‘tough decisions’ to come on spending

by Justin Marsh
January 15, 2025
0
0
SHARES
Share on FacebookShare on TwitterReddit


The chief secretary to the Treasury has hinted that “tough decisions” on spending will be required as the government grapples with high borrowing costs.

The chancellor, Rachel Reeves, is battling to meet her fiscal rules after a surge in the cost of borrowing, fuelling speculation of more cuts and/or tax rises. 

Recent market moves have seen Reeves’ £10 billion of fiscal “headroom”, allowed for in the autumn budget, squeezed significantly. The chancellor has also appeared to rule out further tax rises, telling the Confederation of British Industry (CBI) conference in November last year that she would not be “coming back” for more.

Speaking to BBC Breakfast on Wednesday morning, Darren Jones said: “There’s a lot happening globally and as ministers we don’t give a running commentary on the market, because we take the price in the market, we do accept the price in the market.

“But there’s no denying that this government inherited an economy from the Conservatives that had a high amount of debt and low growth and that’s why we have got non-negotiable fiscal rules where under this government, day-to-day spending for public services must be met by tax receipts, not by borrowing.

“People at home know you can’t just keep borrowing every month to pay the bills. And where we do borrow to invest in the country’s infrastructure, the debt has to be falling as a size of the economy over the next five years.

“Those fiscal rules are non-negotiable. That means there are tough decisions for the chancellor and this government to take.”

***Politics.co.uk is the UK’s leading digital-only political website. Subscribe to our daily newsletter for all the latest news and analysis.***

John McDonnell, who served as shadow chancellor from 2015-2020, has argued that imposing cuts to create further fiscal headroom wiped out by recent market shifts would be “politically suicidal” and undermine the support on which Labour got elected.

The government must “see through” the market turbulence, he told BBC Radio 4’s Today programme on Wednesday. 

Jones’ comments came after inflation fell to 2.5 per cent in December, in a boost for the government. In November, the Consumer Prices Index (CPI) came in at 2.6 per cent.

While the figure is still above the Bank of England’s 2 per cent target, Michael Saunders, a former external member of the Monetary Policy Committee, suggested that the data will be welcomed with a “sigh of relief” in government.

Saunders told BBC Radio 4’s Today programme: “I think you can hear a sigh of relief coming out from Downing Street, Bank of England and across financial markets as a whole.

“To be sure, inflation is a little bit above the 2 per cent target, but markets have been expecting today’s figure to be stable or higher, and it came in a little lower than expected, with services inflation, which the Bank of England is closely focused on quite sharply lower than the previous month. 

“So this will do some help, I think, in trying to ease some of the worries about the outlook for UK interest rates.”

Politics.co.uk is the UK’s leading digital-only political website. Subscribe to our daily newsletter for all the latest news and analysis.

The post Treasury minister warns ‘tough decisions’ to come on spending appeared first on Politics.co.uk.



Source link

Related Posts

Irene Campbell: ‘It’s time to modernise research — that means leaving animals out of it’

Irene Campbell: ‘It’s time to modernise research — that means leaving animals out of it’

by Justin Marsh
June 14, 2025
0

Exiting Westminster Station recently to attend parliament, I, and hundreds of others, were confronted with a heartbreaking People for the Ethical Treatment of Animals (PETA) billboard featuring a mournful, defeated beagle, trapped...

From ‘tough choices’ to ‘Labour choices’: spending review marks major strategic shift

From ‘tough choices’ to ‘Labour choices’: spending review marks major strategic shift

by Justin Marsh
June 12, 2025
0

From “tough choices” to “Labour choices”. The spending review delivered by Rachel Reeves in the House of Commons this afternoon marks a tangible tone shift. Apportioning £2.24 trillion of public cash across...

Rachel Reeves: Reform UK ‘tough on workers, tough on patients but soft on Putin’

Rachel Reeves: Reform UK ‘tough on workers, tough on patients but soft on Putin’

by Justin Marsh
June 10, 2025
0

The chancellor has claimed Reform UK is “tough on workers, tough on patients but soft on Putin”. Delivering a speech to the GMB union conference in Brighton on Tuesday, Rachel Reeves said...

Week-in-Review: Reform UK’s incompetent insurgency

Week-in-Review: Reform UK’s incompetent insurgency

by Justin Marsh
June 8, 2025
0

All of a sudden, a transatlantic trend: populist leaders who promised to slash bloated budgets are instead cutting ties with their efficiency tsars. Elon Musk, ex-presidential adviser, and Zia Yusuf, former Reform...

Scottish Labour by-election win hailed as ‘message to Farage and his mob’

Scottish Labour by-election win hailed as ‘message to Farage and his mob’

by Justin Marsh
June 6, 2025
0

Scottish Labour’s victory in the Hamilton, Larkhall and Stonehouse by-election has been described as a “message to Farage and his mob” by the triumphant candidate.  In a result that confounded predictions, Scottish...

PMQs verdict: Keir Starmer relied on evasive manoeuvres

PMQs verdict: Keir Starmer relied on evasive manoeuvres

by Justin Marsh
June 4, 2025
0

Kemi Badenoch putting in an uncharacteristically strong performance would usually be the headline story to emerge from a session prime minister’s questions. Badenoch has shown little sign of improvement at the despatch...

Next Post
Why I keep going back to the world’s ‘most overrated’ city

Why I keep going back to the world’s ‘most overrated’ city

Popular News

Irene Campbell: ‘It’s time to modernise research — that means leaving animals out of it’

Irene Campbell: ‘It’s time to modernise research — that means leaving animals out of it’

June 14, 2025
How did the Air India plane crash? Aviation experts are saying this ..

How did the Air India plane crash? Aviation experts are saying this ..

June 13, 2025
From ‘tough choices’ to ‘Labour choices’: spending review marks major strategic shift

From ‘tough choices’ to ‘Labour choices’: spending review marks major strategic shift

June 12, 2025
‘Ambitious’ new sleeper train will connect 100 European cities — with private rooms from £67

‘Ambitious’ new sleeper train will connect 100 European cities — with private rooms from £67

June 12, 2025
Daily Star drops page three pictures of scantily dressed women in redesign

Daily Star drops page three pictures of scantily dressed women in redesign

June 11, 2025
Rachel Reeves: Reform UK ‘tough on workers, tough on patients but soft on Putin’

Rachel Reeves: Reform UK ‘tough on workers, tough on patients but soft on Putin’

June 10, 2025
Shubhanshu Shukla’s flight due to bad weather, AXIOM-4 mission launches new date announced

Shubhanshu Shukla’s flight due to bad weather, AXIOM-4 mission launches new date announced

June 9, 2025
UK Herald

All Rights Reserved © UK HERALD - The Voice of UK

Important Links

  • Publish Your article
  • Editorial Policy
  • Contact
  • Advertise

...

No Result
View All Result
  • Home
  • Politics
  • UK News
  • Business
  • Science
  • National
  • Entertainment
  • Gaming
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Health
  • Food

All Rights Reserved © UK HERALD - The Voice of UK