Badenoch says Healey’s budget will be worse than Reeves’s if he doesn’t slash spending – UK politics live
Summary
Kemi Badenoch criticized Labour's planned spending cuts as unrealistic and warned that without real cuts, government borrowing costs will remain high. John Healey, the UK Chancellor, ruled out raising the capital gains tax in his upcoming budget and plans to raise revenue mainly through taxing banks.Key Facts
- Kemi Badenoch said UK borrowing costs are very high, with 30-year government bond yields above 6%, the highest since 1998.
- The UK is paying more to borrow money than any other G7 country, more than Greece, Spain, or Germany.
- Badenoch argued Labour’s plans to cut spending in the future are based on "fictional" cuts that won’t happen.
- The International Monetary Fund recently praised the UK government for reducing the deficit, but Badenoch disagrees with Labour’s spending plans.
- Labour has increased spending by over £100 billion in two years.
- John Healey will not increase capital gains tax, despite previous cabinet support for it.
- The budget’s main source of new money will be higher taxes on banks.
- The government plans to reduce its financial buffer from £23 billion to £15 billion.
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