British finance minister accuses previous government of "overspending"

The British Treasury announced on July 29 that London plans to cut its budget by more than 13.5 billion pounds, equivalent to 17.3 billion USD, over the next two years to offset the previous government's 22 billion pound budget overspending.

British Finance Minister Rachel Reeves said she plans to present the full budget plan on October 30. (Source: The Economic Times)

Speaking in the House of Commons, Ms Rachel Reeves accused the previous government of failing to disclose actual spending, which caused the budget deficit to increase by 25% this year.

Under the new spending plan, a series of road construction and rail restoration projects in the UK will be cancelled. In addition, the new government in the UK also accepted independent recommendations to increase the salaries of public servants, such as teachers and health workers, at a cost of up to £9 billion.

The UK finance minister said he expected to present a full budget plan on October 30, which would include even more "tough decisions", such as tax rises.

After winning a landslide victory in early July, the UK's Labour government spent much of its first three weeks in power criticising the previous government for its mismanagement of most areas of public policy.

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