Rachel Reeves on budget cuts

UK Chancellor Rachel Reeves has revealed a £22 billion hole in public finances, blaming the previous Conservative government for overspending and mismanagement. She announced that her first budget would be presented on October 30 and outlined plans for significant spending cuts and fiscal reforms to address the economic legacy left by the Tories. Reeves criticized the Conservatives for failing to budget appropriately, particularly in relation to the scrapped Rwanda plan and the Advanced British Standard, which lacked funding. The Labour government aims to reduce public sector debt, which currently stands at 99.5% of GDP, while taxation has reached its highest share since the late 1940s. Reeves is also establishing an Office of Value for Money to eliminate waste and has called for all government departments to find savings. The Chancellor's statements have been met with skepticism from Conservative leaders, who argue that these claims serve as justification for potential tax increases.