Category: Shortfall
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Labour Chancellor Rachel Reeves to Unveil £19bn Financial Shortfall and Outline Tax Increase Plans
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Chancellor Rachel Reeves is set to unveil a £19bn deficit in the public finances, paving the way for an expected tax rise in the autumn. The announcement comes as it assesses fiscal challenges inherited from the previous conservative administration. An early audit has revealed “excess pressures” of around £19bn in…
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Treasury slashes budget by Sh267bn on revenue shortfall
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The Treasury has cut the 2024/25 budget by Sh267.5 billion to reflect the reality of weak revenues amid ballooning public debt. Total spending and net lending for the financial year starting July 1 is now estimated at Sh3.92 trillion, down from the previous forecast of Sh4.188 trillion. The lower budget…