Summary
Chancellor Rachel Reeves announced a £22bn gap in the public finances inherited from the Conservatives — a figure disputed by the Tories but supported by the OBR. The revelation set up the October budget and gave Labour cover for breaking campaign commitments.
The audit findings, the OBR's assessment, and the Conservative rebuttal of Labour's framing.
Conservative-sympathetic analysis arguing the black hole framing misrepresents the fiscal inheritance.
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Global Central Bank Policy