Chancellor Rachel Reeves has to plug the hole in the national finances as well as finding ways to fund vital investment
On Wednesday, Rachel Reeves, the UK chancellor of the exchequer, will deliver Labour’s first budget in government since March 2010. When Alistair Darling delivered the last Labour budget 14 years ago, the backdrop could not have been less propitious. The global financial crisis had upended the UK economy and the projected budget deficit for that year was £163 billion.
The context of the budget is a high national debt , the productive capacity of the economy constrained by years of chronic under-investment, and growth limited by barriers erected with its main trading partner, the EU. Politically, Labour’s woes will embolden the two hard-right candidates, Robert Jenrick and Kemi Badenoch, vying for leadership of the Conservative Party and move it further in the direction of Nigel Farage’s Reform Party. If the opposition is dominated by right-wing populism, it will do nothing for political stability in the UK.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Irish Times view on Irish troops in Lebanon: cool heads needed in a concerning situationPublic commentary needs to be careful and considered against a volatile and dangerous backdrop
Read more »
Irish Times receives almost 50 nominations for Irish Journalism AwardsShortlist demonstrates ‘rude health of Irish journalism which continues to hold power to account’, says NewsBrands Ireland chief executive
Read more »
The Irish Times view on Irish-American relations: traditional calling card becoming less powerfulWork is needed to underpin Irish access and influence, particularly given strong economic links
Read more »
The Irish Times view on the Irish environment: a deepening crisisThe poor state of the physical environment could undermine food security and erode wild spaces
Read more »
What do Irish writers read ? Donal Ryan, Mark Tighe, Nuala O’Connor, Claire Hennessy and more give recommendationsThe Irish Writers Handbook 2025 contributors recommend books and bookshops for Irish Book Week
Read more »
Everything Team STELLAR Is Loving This WeekSTELLAR Magazine, Irish Fashion, Irish Women's Magazine, Irish Beauty, shops in Ireland, celebrity news, glossy magazine, Fade Street, make-up tips, Irish style, Vip Magazine Group
Read more »