Reeves Promises UK Welfare Reform in Bid for Budget Savings
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“We’ve got to reform our welfare system, because at the moment it’s letting down taxpayers because it’s costing too much,” Reeves said in an interview with Sky News’s Electoral Dysfunction podcast, according to an emailed transcript.
Reeves is looking at cuts to the welfare budget as she tries to make the sums add up ahead of her spring statement on March 26. Initial forecasts from the Office for Budget Responsibility showed that she’s on course to miss her key fiscal rule — which requires day-to-day spending to be covered by tax receipts — due to downgraded growth forecasts and a hike in borrowing costs. Hence, she’s having to scale back her spending plans.
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