Rachel Reeves will set out the state of Labour’s spending inheritance from the Tories as the Treasury finishes its assessment of the public finances.
The Chancellor is expected to tell the House of Commons on Monday that the previous government had made “significant” funding commitments for this financial year without clarity on where the money was to come from.
She is also expected to confirm timings of the next Budget and a multi-year Spending Review – and to commission a forecast from the Office for Budget Responsibility (OBR).
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Chancellor of the Duchy of Lancaster Pat McFadden said: “After fourteen years of Conservative failure, the Labour Party is calling time on the sticking plaster politics of populism.
“The electorate sent this changed Labour Party to government with a clear mandate to restore economic stability, grow the economy and build the homes we need.
“We will not shy away from being honest with the public about the reality of what we have inherited. We are calling time on the false promises that British people have had to put up with and we will do what it takes to fix Britain.”
The government’s assessment is set to focus on policy areas including health, migration, housing, defence, transport and more.
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