The Chancellor is seeking cuts to stem a £22 billion 'black hole'
Like so many of her political generation, Reeves is borrowing directly from the George Osborne playbook
Reeves is alive to the charge of exaggeration and spent weeks stress-testing the tone of today’s statement; not too much feigned surprise for risk of looking disingenuous, but sufficient outrage so voters blame the Tories for the economic mess. Having bet the house on economic growth, Reeves needs to buy herself time for it to kick in. Crucially, she needs voters to keep on blaming the Conservatives for as long as possible.
Some items in the £20 billion “black hole” are the direct consequence of political choices. A decision by ministers to accept the pay review body recommendations on public sector salaries – an above-inflation 5.5 per cent uplift for 450,000 teachers and 1.5 million NHS staff – is a calculated decision. There is no way former Prime Minister Rishi Sunak would have given junior doctors 22 per cent.
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