Prime Minister Starmer has warned that the upcoming autumn budget on October 30 will be “painful” due to the discovery of a £22bn “black hole” in public finances. He emphasized the need for those with the broadest shoulders to bear a heavier burden, cracking down on non-doms and strengthening the powers of the water regulator.
Starmer acknowledged that tough decisions will need to be made to address the financial challenges left by the previous government, and that short-term pain may be necessary for long-term benefits. He stressed the need to move away from easy answers and focus on genuine solutions.
The Chancellor, Rachel Reeves, is planning to raise taxes, cut spending, and make changes to benefits in the upcoming budget. There is speculation about potential wealth taxes, pension tax raids, and a crackdown on non-doms.
Starmer also highlighted the need for tougher measures to tackle people-smuggling gangs and illegal migration, drawing on his experience as a chief prosecutor. He emphasized the importance of growing the economy, fixing the transport system, and the NHS to address the financial challenges ahead.
The Prime Minister declined to specify the exact measures that will be implemented in the budget but assured that there will be an open and transparent process for all appointments in his government. Starmer’s focus remains on addressing the financial crisis head-on and making the necessary sacrifices for long-term economic stability.
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