Why we're talking about budget black holes - again

Chancellor Rachel Reeves now has to plug a black hole in the nation's finances that could total as much as £5.5bn following the government's climbdown on welfare reform.

Friday 4 July 2025 06:55, UK

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The prime minister's climbdown on welfare reforms leaves his chancellor with a bit of a headache. So, what options does Rachel Reeves have - and could this lead to tax rises later this year?
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