Chancellor Rachel Reeves has hinted at a “challenging” Budget as she prepares to borrow tens of billions of pounds to invest in Britain’s crumbling infrastructure.
In a new video, posted on X today (24 October), Ms Reeves said next week’s Budget will “fix the foundations and deliver change”.
The chancellor says: “I’m going to be honest about the scale of the challenge we inherited, a decade of sluggish economic growth, deteriorating public services and a £22m billion black hole in public finances.
“But, we must not be held back by the past and instead we should look to the opportunities of the future.”