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Kemi Badenoch, the new leader of the Conservative Party, is focusing on reversing the VAT hike on private schools and addressing economic issues. She faces challenges in uniting her party and responding to criticisms regarding her leadership style and policy clarity. The party's internal divisions and public trust issues remain significant hurdles.
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Chancellor Rachel Reeves delivered Labour's first Budget on October 30, 2024, addressing a £40 billion fiscal shortfall. The Budget included significant tax hikes and spending cuts, with a focus on addressing the economic challenges stemming from Brexit and the pandemic. The government's approach has sparked debate over austerity measures and their impact on public services.
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Prime Minister Keir Starmer announced that England's bus fare cap will increase from £2 to £3 starting January 2025. This decision comes as part of the upcoming budget aimed at addressing a £22 billion funding shortfall, despite concerns from local leaders about the impact on rural communities reliant on affordable transport.
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Chancellor Rachel Reeves' recent budget, which includes significant tax hikes and increased borrowing, has led to market instability, with rising government bond yields and a falling pound. Despite reassurances from Treasury officials, comparisons to Liz Truss's previous economic turmoil have emerged.
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Chancellor Rachel Reeves' first budget has unsettled financial markets, leading to a sell-off in bonds and the pound. The budget's significant tax increases and borrowing plans have raised concerns about inflation and economic stability, echoing past market reactions to fiscal missteps.
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Chancellor Rachel Reeves has faced backlash for raising taxes by £40 billion, contradicting her pre-election promise not to increase taxes. She cites a £22 billion financial shortfall inherited from the previous government as justification, while critics question the legitimacy of this claim and its implications for public services and economic growth.