Sir Keir Starmer, the UK’s prime minister, is set to take questions from MPs at Prime Minister’s Questions.
Rachel Reeves has told cabinet ministers that their departments must live within their means and said that rising borrowing costs are putting mounting pressure on the public finances.
The chancellor said the volatile global environment meant that keeping control of public spending was more important than ever before the autumn budget.
Reeves is expected to use the budget to raise taxes to fill a hole of up to £40 billion. The Treasury is particularly concerned that the Office for Budget Responsibility is poised to downgrade its forecasts for economic growth.
The chancellor has imposed new restrictions on ministers’ power to claim emergency funds to cover the costs of public spending. Under the new rules, extra funding will be granted only in exceptional circumstances and ministers will have to demonstrate that they have done as much as possible to make savings.
Credit to : Times News