United Kingdom's new Chancellor of the Exchequer Reeves will unveil the results of the fiscal review to Parliament on July 29, the first major move by the new government in the face of a deep fiscal deficit.
Labour blames the former Conservative government's 14-year stay in power for a £20bn deficit and a shortfall in public service funding.
The economy has been stagnant for 15 years, with poor investment, wages, and growth.
The Labour government's fiscal policy is constrained, it faces pressure on budget decisions and controversy over tax hikes, as well as political pressure to rebuild public trust.
At the same time, the increase in defense spending has increased the burden, the international economic environment is uncertain, and the United Kingdom is facing multiple challenges.
On the 28th local time, United Kingdom Prime Minister Starmer's office issued a statement, claiming that the results of the review showed that United Kingdom was almost "bankrupt and fragmented", and did not hesitate to blame the previous Conservative government for this bad situation.
Listen, that's amazing news!
You know, just three weeks after taking office, Starmer's office hastily conducted a comprehensive assessment and then released an analysis of the "failed departments" of the previous administration.
This speed is enough to show their eagerness to solve the problem.
Then there United Kingdom Chancellor of the Exchequer Rachel · Reeves, who is preparing to give a speech in the House of Commons, focusing on the staggering "£20 billion public finance gap".
This gap is no joke, the amount is so huge that it makes people gasp!
The Conservatives, of course, did not do it, and they dismissed the Labour Party as a mere excuse to push for tax increases.
The two sides insisted on their own words and quarreled fiercely.
Some economists also joined in the fun, skeptical of Labour's claims.
After all, economic issues are not so simple to decide.
On July 29, today, the new Chancellor of the Exchequer Reeves will announce the detailed results of the fiscal review to the United Kingdom Parliament.
It is said that this review will give the former Conservative government a bloody crunch, accusing them of making a bunch of unfunded spending commitments during their 14-year rule, and as a result, United Kingdom's finances are in shambles, simply "bankrupt" and "broken".
Labour Prime Minister Kiel · Starmer's office echoed the findings, strongly agreeing with the assessment of the former Conservative government, repeatedly stressing that these are the disastrous consequences of populist politics for the economy and public services.
Labour is still unrelenting, arguing that the former Conservative government has left a £20bn deficit hole that must be held accountable.
But how can the Conservatives easily admit that the Labour Party is making up the justification for the imminent tax hike.
Reeves, for his part, will announce the results of the fiscal review at the same time as the schedule for the first budget, including the allocation of budget funds for each department.
This is a "money bag" problem related to many departments.
To make matters worse, Kyle complained · Starmer's office that the army was "hollowed out," the NHS was "in tatters," and that the number of migrants crossing the English Channel was rising.
This series of problems is like a mess that cannot be solved.
Reeves was tight-lipped about how to fill that huge £20 billion hole ahead of his address to Parliament.
It is estimated that she is still muttering in her heart, and she has no idea.
Labor's campaign pledge not to raise the rates of income tax, National Insurance, Social Security, value-added tax and corporation tax is a good one, but it poses a big problem for Reeves' fiscal plan.
Rachel ·Reeves, the new Chancellor of the Exchequer, United Kingdom said with a sad face that the new Labour government was facing a "depleted economy" and that she felt that attracting private capital and relieving the pressure through public-private partnerships might be the way out.
Johnson, director of the United Kingdom Institute of Fiscal Studies, is more optimistic, believing that economic growth can give United Kingdom finances a little respite.
But the reality is that United Kingdom's economic growth has been weak, and Labour's manifesto has not made it clear where to raise money.
The United Kingdom think tank Resolution Foundation has also spoken out, saying that since the 2008 financial crisis, the United Kingdom economy has been stagnant like a pool of stagnant water.
To change this, businesses and governments will have to invest substantially.
Labour's election platform, while ambitious, promised to make reviving economic growth a top priority, as well as increasing public investment, implementing a new industrial strategy and undertaking policy reforms.
But the reality is cruel: the government debt is frighteningly high, and the choice is too difficult to choose whether to raise taxes on the other.
Labour's campaign promise not to raise major taxes has left Reeves desperate to consider tax increases or cuts in public spending to fill the funding gap.
This could lead to delays in road and hospital construction, but they are also thinking about raising salaries for teachers and health workers, only if the rate is higher than inflation.
Reeves and the Starmer governments have been embattled on all sides of their fiscal policies, not only facing criticism from the opposition Conservative Party, but also from the left wing within the Labour Party.
The United Kingdom's economy has been stagnant for a long time, and since the 2008 international financial crisis, investment has not improved, wage growth has been slow, and economic growth has been sluggish.
This series of problems has set up many obstacles to the formulation of the government's fiscal policy, and it is simply difficult.
The fiscal crisis facing the new United Kingdom government is undoubtedly a severe test of its ability to govern, and it is also a key choice for the future direction of United Kingdom's economic development.
Netizens are not idle, analyzing the various problems that United Kingdom is currently facing, such as fiscal deficits, economic stagnation, shortage of public service funds, etc., each more difficult than the other.
Also, as a member of NATO, United Kingdom often participates in international military operations led by United States, and this defense spending is snowballing.
However, high defense spending is likely to seize resources for domestic economic development, making the fiscal burden as heavy as a mountain, and the government debt will continue to rise, which will eventually seriously affect the healthy development of the domestic economy.
Netizens are worried about United Kingdom's fiscal deficit, full of worries about the impact of the uncertainty of the international economic environment on United Kingdom's economic recovery, and questioned United Kingdom's assistance to Ukraine, and everyone is sweating for the future economic situation of United Kingdom and Europe and the United States.
This United Kingdom's economy, I really don't know when it will get out of this fog!
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