Chancellor pledges to 'fix' economy - as expert says 'black hole' matches Tory tax cuts
Friday, 26 July 2024 Chancellor Rachel Reeves has promised to "fix" the "mess" the Conservative government left in the economy, amid reports of a £20bn "black hole" in the public finances.
Chancellor Rachel Reeves claims “black hole” in public finances is “unsustainable”. She said, “left unchecked it would be financial stability at risk”.
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Rachel Reeves confirmed the UK is currently in “intense negotiations” with the US over tariffs “across the board”. The Chancellor said she “does not want to see tariffs go up”, highlighting her support for “free and open trade”. Report by Faragt. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Rachel Reeves has visited Wellington Barracks in central London after announcing in her Spring Statement that defence spending will increase by 2.5% in GDP. The chancellor and the defence secretary John Healey were shown the first AI-powered strike drone, as they learnt about the work of people on the strategic command's innovation unit. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The chancellor says house building commitments in her Spring Statement will benefit young people and that she is "not in favour of national service". Speaking to ITV News, Rachel Reeves adds watching a Sabrina Carpenter concert in a box was "the right thing to do" given her security needs. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Rachel Reeves has outlined her plans to "strengthen our nation's defences", by increasing defence spending to 2.5% of GDP and to build 1.5 million new homes. The chancellor acknowledges that the OBR has downgraded the UK's growth forecast for 2025 from 2% to 1%, but adds, "it has upgraded growth for next year and every year after that". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
The Tories have criticised the government for not being “quicker” with talks about tariffs imposed by the US. Shadow Chancellor Mel Stride said Labour’s comments about Trump whilst they were the opposition were “unhelpful” and could have “soured” relations with the Trump administration. Report by Faragt. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Kemi Badenoch has accused Rachel Reeves' Spring Statement as being "all smoke and mirrors", pointing to rising inflation, increased unemployment and low growth. The Conservative Party leader added, "something has to change, this is chaos". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Sir Keir Starmer says banning phones in schools is "not necessary" and instead there is an "emerging battle" to ensure that the content children are consuming online is "suitable for their age". His comments come as the Conservative Party leader Kemi Badenoch tells the prime minister at PMQs, "teachers and headteachers say the evidence already shows that schools that ban phones get better results". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Sir Keir Starmer has left Downing Street for the House of Commons where he will face questions from Conservative Party leader Kemi Badenoch. After PMQs, the prime minister will listen to Chancellor Rachel Reeves deliver her Spring statement. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Kemi Badenoch warned that the Conservatives would lose “every single” council they won in 2021 if the general election results were applied to May's local elections. The Tory leader acknowledged the party’s “greatest defeat” in history and predicted a tough battle ahead, although she hoped for slightly better results. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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