The UK Needs To 'Reset' Says George Osborne (Full Interview)
March 26, 2025
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7:41Now PlayingThe UK Needs To 'Reset' Says George Osborne (Full Interview)
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as posted by the channelChancellor of the Exchequer Rachel Reeves will blame global economic headwinds as she slashes UK government spending by billions of pounds, in the face of growing criticism from within her own Labour Party that she risks alienating voters.
The chancellor will have to cut about £10 billion ($13 billion) from day-to-day government spending, according to Bloomberg Economics estimates, when she delivers a midyear fiscal update in the House of Commons on Wednesday. The stakes couldn’t be higher for Reeves at the event, which will include updated forecasts and plans for £17 billion of extra borrowing needed since her budget in October.
“The overall message needs to be a bit of a reset, frankly,” George Osborne, a Conservative who served as chancellor from 2010 to 2016, told Bloomberg at the HSBC Global Investment Summit in Hong Kong earlier on Wednesday. “The government didn’t get off to the best of starts, although they had a lot of good will. They inherited a lot of problems. But the result is that at summits like this, on the other side of the world, there’s quite a negative impression of the UK.”
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