Keir starmer

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Sir Keir StarMer suffered a Cabinet rebellion against the planned cuts of welfare and other public spending, but the prime minister insisted that he needed a tough choice and said he would not bend the UK's fiscal rules to allow more borrowings to MP.

The government insiders raised concerns about cuts at the Cabinet meeting two days ago, and most protested the reduction of spending planned in their departments.

But the ministers also expressed concerns about planned welfare cuts, saying that Starmer should reform an inseparable system that claims that many people are trapped in benefits.

The prime minister said he was well aware of his anger at the reductions proposed to his colleagues. His spokesman did not deny that many ministers expressed concern on Tuesday.

A rich man in the government added that a few people who attended the meeting gave a speech, but there was a firm support for adhering to the Minister of Finance, Rachel Reeves.

A government official said that there was a lot of support for fiscal rules, but it was not about difficult choices in the policy areas of individual ministers. The pastor's anxiety was first reported by Bloomberg.

Reeves has decided to reduce welfare, and Labor officials say they can save up to $ 6 billion annually. She submitted a plan to the office for budget liability.

Financial waters will have to evaluate how the reform scores earlier in the final fiscal prediction in the Reeves Spring statement on March 26.

STARMER warned the Labor Party MP that the British fiscal rules would not relax to avoid painful welfare cuts, despite the increase of the political party's pressure on Germany to follow Germany.

The Prime Minister agreed with Reeves that the British fiscal rules should be respected and the easing of self -imposed restrictions will surprise the market and enforce the cost of borrowing.

A senior official said the mayor is still testing us. The decision we make is undergoing considerable investigation.

Germany's decision to alleviate the rules for defense and infrastructure projects has increased the pressure that Ribes should re-investigate her rules, which must maintain the balance of the current expenditure of tax receipts by 2029-30.

Annelies Dodds, which cuts the aid budget last month as a minister of overseas development, predicted that in the resignation letter, we expected to discuss our fiscal rules and tax approaches, as other countries do.

Reeves cut the original budget in 2027 to support the increase in defense expenditure from 2.3 %to 2.5 %of GDP. She said the fiscal rules could not be negotiated.

Former Shadow Prime Minister John McDonnel said that the rules should be mitigated to the Financial Times. He said Reeves limit should be cut more in the welfare bill than the conservatives planned.

Other mainstream Labor Party MPs say that there is a wide range of discussions on the fiscal rules of the party, according to another mainstream Labor Party MP invited to the Downing Street to brief the recently planned welfare cuts.

One person said: Welfare cutting is difficult for the Labor Party MP. Talk about relieving financial rules.

One of Starmer's allies said the UK would ease the fiscal rules and follow Germany that the market will be punished.

One said: Germany's debt -to -GDP ratio is 62 %and we are about 95 %. There is an obvious difference.

The Downing Street presentation for welfare cuts was led by Claire Reynolds, a contact manager with the Labor Party. In general, loyal MPs said that one participant who said that one attendee who said that he was actually angry could be a bit soft in some actions.

Economists say that the Reeves plan for public finances has flew from the course due to a combination of borrowing costs and slowing growth, and some expect to increase taxes by reducing at least 1 billion spending in the spring statement.

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In October, she allowed 99.9 billion headrooms against fiscal rule, but it is thought to have been erased. Welfare cuts and other spending reductions are planned to provide the superintendent a cushion on worse news.

Nicolas Trindade, the chief portfolio manager of AXAS Investment Management Arm, warned that Ribes could not continue to manage the economy with 1 billion headrooms.

Investors said that all measures to solve the changed fiscal rules until October will not be properly received in the market. Concerns about the high borrowings of the UK are combined with the selling world bonds, bringing the 10 -year borrowing cost to the 16th year at 4.93 %in January.

Less than 4.7 % on Thursday, they remain almost 1 percentage point than in mid -September, and in 2022, the Conservative Party remains similar to the height of the market crisis according to the ideological budget.

James Smith, a British economist, said the British Treasury was tied up. More debt and costs means painful spending in the spring of March 26. And additional tax hikes are likely to be more and more likely to be seen at the end of the year.

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