'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale

Public finances now on a 'firm footing'

Chancellor Rachel Reeves has ruled out future fiscal events on the scale of last week’s (30 October) Autumn Budget, describing it as a “once-in-a-parliament reset”.

During a Treasury Select Committee hearing today (6 November), the chancellor told MPs that the plans announced last week meant that the UK's public finances were now "on a firm footing", with a "much more honest" trajectory of public spending.  UK gilt yields hit their highest levels of the year the day after the Budget (31 October), as investors digested the additional borrowing set out by the chancellor, which the OBR said would be, on average, £36bn higher each year over the next five fiscal years. Reeves was told that the gilt market response to increased issuance could indicate ...