UK government’s economic inheritance becomes a battle line
With an eye on re-election, the new Labour government will slam its predecessor’s economic record and promote its own agenda
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THERE are major political differences between the United Kingdom’s new Labour government elected on Jul 4 – ending 14 years of Conservative rule – and the Conservative-led one which entered office in May 2010, taking over from its Labour predecessor.
However, one commonality is that both have claimed a sub-par economic inheritance at the point of handover.
The new Labour Chancellor Rachel Reeves has claimed that she has the worst such inheritance in the post-war era. On Jul 29, she released a Treasury dossier showcasing a “£22 billion (S$38 billion) black hole” in this year’s Budget.
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