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Reeves eyeing welfare cuts as ‘black hole’ expands
Chancellor of the Exchequer Rachel Reeves makes her keynote speech during the International Investment Summit in London, October 14, 2024
WELFARE benefits are in Labour’s sights as the “black hole” the government claims to have inherited from the Tories appeared to expand alarmingly.
Chancellor Rachel Reeves is now understood to be looking at bridging a funding gap of £40 billion in her budget due on October 30.
This will have to be covered by tax rises and spending cuts, with the axe most likely to fall on benefits.
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