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 problem that the previous Government got into was that every time they wanted to make a commitment, they said it would be paid for from the reserve. By the time I came into the Treasury on 5 July, that reserve had been spent three times over, because they put so many commitments into that reserve that they could not afford. That is the situation that we inherited, that is where the £22 billion black hole comes from, and that is why I am having to make difficult decisions today to get a grip on the public finances.

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