The Chancellor will wait until later this year to flesh out the details of how new legislative promises will be funded
But the Treasury is understood to have no plans to set out detailed explanations of the cost ofThe King’s Speech laid out on Wednesday includes plans for 40 different pieces of legislation, including policies which are likely to cost the Exchequer additional money.
These include new regulators for the railways, the audit industry, football and the private rented sector – as well as more intensive regulation in the water industry and a duty for local councils to keep a register of children who are not in school. Ms Reeves has promised that all future fiscal events will be accompanied with a full forecast by the Office for Budget Responsibility. She has also commissioned an “audit” of existing Government spending which is likely to be published in the last week of July – but will not include the implications of any new Labour policies.
“But unlike the previous government, I am going to be honest about the scale of the challenge. I’m going to level with people.”
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