The new chancellor used her first speech since arriving at the Treasury to insist there would be no deviation from Labour's hardline stance on reducing the national debt despite being bequeathed the "worst set of circumstances since the Second World War".
Reeves said one of her first decisions in post had been to ask officials to provide an assessment of the UK's public spending position so she could better understand the scale of the challenge ahead.
The assessment - which will be separate from a budget planned for the autumn-will be presented to MPS before the end of the month.
Reeves made it clear she held the outgoing government responsible for difficult choices she will face.
"Our economy has been held back by decisions deferred and decisions ducked," she said. "Political selfinterest put ahead of the national interest. A government that put party first and country second.
"We face the legacy of 14 years of chaos and economic irresponsibility. I am under no illusions about the scale of our inheritance. I will need to take difficult decisions as a result of the mess left by our predecessors." Labour sources said the emergency statement was designed to inform MPs about the state of the economy rather than provide clues about the content of the budget.
This story is from the July 09, 2024 edition of The Guardian.
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This story is from the July 09, 2024 edition of The Guardian.
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