Rachel Reeves to Present Maiden Budget Post Labour Victory

British finance minister Rachel Reeves will unveil her first annual budget on October 30 following the Labour Party's triumphant election win. The budget will present new tax and spending plans, economic forecasts, and bond issuance targets. Reeves criticized the previous Conservative government for overspending and poor budgeting.

British finance minister Rachel Reeves informed parliament on Monday of her intent to deliver the first annual budget on October 30, following Labour's decisive election victory on July 4.

The upcoming budget will disclose new tax and spending plans, alongside fresh economic forecasts from the independent Office for Budget Responsibility. Revised bond issuance targets from the UK Debt Management Office will also be set out.

Reeves criticized the former Conservative government, claiming they left the worst economic legacy since WWII. She pointed to excessive spending and inadequate budgeting. In June, Britain's public sector net debt was 99.5% of annual economic output, the highest since the early 1960s. The budget deficit for 2023/24 is at 4.5% of GDP, significantly lower than Labour's 10.3% in their last fiscal year in 2009/10. Taxation as a percentage of GDP remains the highest since the late 1940s.

(With inputs from agencies.)