RACHEL REEVES will remain as chancellor until the next general election, prime minister Keir Starmer has said.
Speaking at the launch of the government’s artificial intelligence action plan in east London, Starmer expressed support for Reeves’ approach to public spending, calling it “ruthless” and necessary to adhere to fiscal rules amid challenging economic conditions.
The Treasury is seeking significant savings from departmental budgets during the upcoming spending review to address fiscal pressures. This follows a turbulent week for the economy, with government borrowing costs rising and the pound falling to $1.21, its lowest since November 2023.
In a speech next week at the Institute for Government, chief secretary to the Treasury Darren Jones is expected to call for reforms to public services to improve efficiency and outcomes, reported The Guardian.
Proposals include potential changes to the welfare system, which costs £300 billion annually. Measures under consideration include amending work capability rules and exploring means testing for personal independence payments (Pip) Read More….