'There is no time to waste': Rachel Reeves requests public spending assessment

'Britain is a place to do business'

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Rachel Reeves has ordered Treasury officials to produce an assessment of public spending inheritance, she revealed in her first speech as Chancellor today (8 July).

Over the weekend, Reeves requested civil servants to help her "understand the scale of the challenge" that she faces following "a legacy of 14 years of chaos and economic irresponsibility". The assessment of public expenditure will be presented to parliament ahead of the summer recess, Reeves added, since "there is no time to waste". She also assured that the research conducted will be "separate from a budget that will be held later this year", the date of which, alongside a fiscal forecast from the Office for Budget Responsibility, will be confirmed in due course. Chancellor Rache...

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