Size of the task remains unclear but the chancellor will have to act in the face of expected growth downgrades
Despite a good month for the public finances, the Treasury won’t be putting in any champagne orders.
Higher self-assessment tax receipts and an increase in national insurance payments by employers filled the government’s coffers by more than expected in July. The result was that Rachel Reeves’s spending deficit fell to £1.1bn, down by £2.3bn from the same month a year earlier.
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