Britain | Fiscal feuding

How deep is Britain’s fiscal “black hole”?

Rachel Reeves sets out her first big decisions as chancellor

Chancellor of the Exchequer Rachel Reeves during a press conference following her statement to the House of Commons.
Photograph: Alamy

THE FIRST months of a new British government are precious. Any problems can be blamed on ministers’ predecessors, who will struggle for a hearing. Capitalising on that honeymoon period can neutralise the political costs of tough choices: George Osborne, a former Conservative chancellor, moved quickly after the 2010 election to pin the need for swingeing spending cuts on Labour’s profligacy. Britain’s new Labour chancellor is following the same playbook. On July 29th Rachel Reeves presented the results of an audit into the state of the public finances, which she had commissioned straight after the election.

Explore more

More from Britain

Labour sweet-talks the public sector

The race to become leader of Britain’s Conservatives

An exhausted party seems to think that it doesn’t have to change


Shabana Mahmood, Britain’s new Lord Chancellor

The new justice secretary is both progressive and religious


How King Charles III counts his swans

A ritual that pleases conservationists and annoys the birds

Britain’s army chief fears war may come sooner than anyone thinks

Could the army cope without more money and troops?

The builder of the Titanic is struggling to stay afloat

Harland and Wolff is fighting for its life