Rachel Reeves speaks of tax rises in latest interview

Evening Standard

Rachel Reeves acknowledged she was looking at potential tax rises and spending cuts to fill a black hole in her Budget which she said was partly due to the lingering impact of Brexit.The Chancellor said “of course, we’re looking at tax and spending” as she prepares for her November 26 statement.She confirmed the budget watchdog had “consistently overestimated” the UK’s productivity, with the expected downgrade of its previous assumptions likely to make Ms Reeves’ task even harder.

Transcript

00:00There are tax rises coming down the track.

00:02Yes, but I think that this government are making...

00:04Sorry, in terms of the ambition of this government, it is big.

00:08But you agreed, yes, there are tax rises coming down the track.

00:11Well, I was really clear during the general election campaign,

00:13and we discussed this many times,

00:15that I would always make sure that the numbers add up.

00:18And, of course, challenges are being thrown our way,

00:20but I won't duck those challenges.

00:22Of course, we're looking at tax and spending as well,

00:25but the numbers will always add up with me as Chancellor.

00:28Can you promise the British people

00:30you're not going to get stuck in a doom loop

00:32of having to go through this cycle every year

00:34of having to find more tax to fill the black hole?

00:37Well, I think nobody wants that cycle to end more than I do, Sam.

00:42Will it end this year?

00:44That is why we're putting all the effort into growing our economy,

00:47because that, in the end, is what brings in the tax revenues

00:50to be able to afford to keep taxes low

00:52and to invest in our public services.

00:53Can you say the end of the doom loop will be...

00:55This year will put an end to the doom loop?

00:56I'm not sure if I would use those words,

00:59because our economy in the first half of this year

01:01was the strongest-growing economy in the G7.

01:03at the moment, it's going to stop happening.

01:08All right.

01:08We're doing this yellow level.

01:09We're doing this yellow level for everyone.

01:10See you soon.

01:10All right.

01:11Should we go through here?

01:11Your社, whoever wants that big blowers

01:12for these numbers and to see the money

01:14for them now?

01:14And let me visit you.

01:16844, Prag4, Prag4,

01:27what's up?

01:29Yes.

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