Report on the financial situation Starmer: "Britain is broke and broken"

Prime Minister Keir Starmer's new Labour government has nothing good to say about the financial management of its predecessors. On Monday, the Finance Minister will report on a billion-euro hole that is difficult to fill.

DPA

28.07.2024, 16:07

28.07.2024, 16:12

dpa

The new Labor government in the UK has presented a report on the country's financial situation as possible preparation for tax increases. "The assessment will show that Britain is broke and broken," announced Prime Minister Keir Starmer's office on Sunday.

The government blamed the previous Conservative government for the situation. As reported by the PA news agency, Finance Minister Rachel Reeves plans to present the results of a financial review to parliament in London on Monday, revealing a "black hole" in the public finances amounting to around 20 billion pounds (around 22.7 billion Swiss francs).

The Labour government published an overview of the financial assessment that Reeves had commissioned shortly after taking office. Based on the findings, the government accused former prime minister Rishi Sunak's Conservatives of committing to significant spending for the current financial year without having the money to do so.

"Doing what it takes to fix Britain"

"We will not shy away from being honest with the public about the reality we have inherited," said senior cabinet member Pat McFadden. The government would "do what it takes to fix Britain".

During the election campaign, the Labour Party had promised not to raise taxes for workers. Its policy would ensure faster economic growth and generate the necessary additional revenue. The Conservative Party, on the other hand, had announced further tax cuts. However, critics accused both parties of remaining silent about the extent of the country's financial problems.