Starmer warns of 'painful' financial decisions ahead in October budget

By Al Mayadeen English
Source: Agencies
27 Aug 2024 22:38

Chancellor of the Exchequer Rachel Reeves is set to address Parliament on October 30, where she will outline changes to taxation and budget expenditures as part of the government's financial plan.

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Britain's Prime Minister Keir Starmer welcomes Bahrain's Crown Prince and Prime Minister Salman bin Hamad Al Khalifa, at Downing Street, in London, Tuesday, August 27, 2024. (AP)

UK Prime Minister Keir Starmer warned the public on Tuesday about "painful" financial decisions that will be revealed during the government's traditional autumn financial plan presentation in October.

"There is a budget coming in October, and it's going to be painful. We have no other choice, given the situation that we're in," Starmer said during a speech, which was broadcast on his X account.

Watch LIVE: Keir Starmer’s speech on fixing the foundations of our country. https://t.co/xMOpZa1uPO
— Keir Starmer (@Keir_Starmer) August 27, 2024

Chancellor of the Exchequer Rachel Reeves is set to address Parliament on October 30, where she will outline changes to taxation and budget expenditures as part of the government's financial plan.

According to The Telegraph, Starmer's speech is aimed at preparing the public for upcoming budget cuts and tax increases, which contradict his party's previous campaign promises.

In July, Chancellor Reeves stated that the UK's economy is in its worst condition since World War II. She later disclosed a significant budget deficit of 22 billion pounds (approximately $29 billion), which she claimed was inherited from the previous Conservative government.

The UK general elections were held on July 4, where the Labour Party won a decisive victory, securing 412 seats and an absolute majority in Parliament. This win allowed them to oust the previous Conservative government.

The following day, Keir Starmer was officially appointed as the UK's 58th Prime Minister.