Rachel Reeves

Rachel Reeves

Labour — Leeds West and Pudsey

Speaking in the House of Commons on 29 July 2024

Debate

Public Spending: Inheritance

Contribution

The OBR has just published a letter, as my hon. Friend said, which states: “We were made aware of the extent of these pressures at a meeting with the Treasury last week”, and goes on to state: “If a significant fraction of these pressures is ultimately accommodated through higher DEL spending in 2024-25, this would constitute one of the largest year-ahead overspends against DEL forecasts outside of the pandemic years.” This is incredibly serious. That is why I came to this House today to set out that £22 billion overspend compared with what the Government set out at the previous Budget. This letter from the chair of the Office for Budget Responsibility can leave no one in this Chamber in any doubt about the seriousness of the situation.

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