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Coffee House Shots

Labour's '£20 billion black hole' strategy

Coffee House Shots

The Spectator

Politics, Daily News, News

4.42.2K Ratings

🗓️ 26 July 2024

⏱️ 16 minutes

🧾️ Download transcript

Summary

The Chancellor Rachel Reeves is expected to give a statement to Parliament on Monday outlining the state of public finances, including a '£20 billion black hole'. James Heale talks to Katy Balls and Kate Andrews about the strategy behind this: will this speech lay the ground work for the Autumn budget? How new are these economic issues? And, with the Conservatives embarking on a long leadership election, will Labour have a free rein for their plans? 

Produced by Patrick Gibbons.

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Transcript

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0:00.0

The Spectator magazine is home to wonderful writing, insightful analysis and unrivaled books and arts reviews.

0:06.0

Subscribe today for just 12 pounds and receive a 12 week subscription in print and online,

0:11.4

along with a free 20 pound John Lewis or waitress voucher go to

0:15.2

spectator.co. I'm James Seal. I'm joined today by

0:29.6

Katie balls and Kate Andrews. Now Katie everyone in Westminster is looking ahead to

0:34.0

Monday now when there's going to be this Treasury audit by Rachel Reeves

0:36.6

about what the inheritance she's found having been in the job is chances for three weeks

0:40.8

tell us more. So this is the Treasury spending audit which they

0:46.0

claim is going to show the true scale of the issues inherited from the Conservative government.

0:50.3

Now one of the first things Labour did on entering government is Pat McFadden who is in the cabinet office

0:57.6

but previously worked under Rachel Reeves, the Shadow Chief Secretary to the Treasury

1:01.8

ordered all the departments to bring out your

1:04.1

dead, which was effectively try and find any unexpected problems, perhaps any

1:09.6

expected problems that they could claim are unexpected, but effectively just

1:13.6

nasties. So places where more spending is required, where there is a spending shortfall,

1:19.3

areas where perhaps the Tories in their previous spending plan said there would be cuts but those cuts look unachievable

1:26.8

Ultimately assess where the biggest dangers are poach department for delivering their aims and they've been working on this document

1:34.3

audit call it what you like project fear who knows and then the plan is for Rachel

1:39.5

Reuse to unveil that on Monday and then also give a speech effectively saying that

1:45.0

inheritance is even worse than we thought. So if you think about Liam Burns,

1:48.8

no money note that the Tories and the Lib Dems talked about for such a long time

1:52.2

from 2010 onwards.

...

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