Why UK Tax Hikes Loom as Reeves Looks to Plug Fiscal Black Hole
Reeves had said she'd stabilized the country's finances at her inaugural budget last year, when she increased levies by £40 billion ($54.2 billion) to fund extra spending on public services and fill a budget hole left by the previous Conservative government.
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Yahoo
14 minutes ago
- Yahoo
Youngkin praises Virginia's economy, dismissing Democrats' concerns over Medicaid and job cuts
RICHMOND, Va. (AP) — Republican Gov. Glenn Youngkin said Thursday that Virginia's economy is thriving after ending its fiscal year with high revenues, a characterization Democrats criticized as rose-colored in light of budgetary decisions in neighboring Washington, D.C. In a presentation to the state's money committees, Youngkin and Virginia's secretary of finance said revenues for the fiscal year resulted in a $572 million surplus and a $4.7 billion rainy-day fund. Economic output in the state grew by about 1 percent higher than initially forecast, officials said. 'The strength and success we see today is no accident. It is the result of very intentional decisions made by all of us — intentional decisions to lift up opportunity in the Commonwealth of Virginia,' Youngkin said in his speech to lawmakers. 'And these decisions are yielding dividends. They're enabling us to compete and to win.' Democratic lawmakers were quick to push back, particularly in light of looming Medicaid work requirements for some adults after Congress passed a reconciliation bill last month. Youngkin repeatedly said Medicaid will not be taken away from Virginians, and Secretary of Finance Stephen Cummings added that hospitals will be able to absorb any additional costs from federal cuts to Medicaid. Senate Democratic Majority Leader Scott Surovell cited an analysis from the Congressional Budget Office this year estimating that roughly 11 million Americans will lose access to Medicaid. 'The governor stood up here and said a million times, repeatedly, that nobody is coming to throw out Medicaid,' Surovell said. He added that the CBO, which 'America relies upon to tell us the answers to these things, tells us that millions of Americans are going to lose their Medicaid.' Democrats also said the governor is not fully acknowledging that the White House's reshaping of the federal workforce will continue to impact the state's economy. The job losses that factored into Youngkin's assessment did not include federal workers who took buyouts and are still receiving payments until later this year, Cummings said. But Republican House Minority Leader Terry Kilgore praised Youngkin's presentation, calling it 'the kind of news every Virginian should cheer.' 'It happened because Republicans have kept a steady hand on the wheel,' Kilgore said. ___ Olivia Diaz is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. Olivia Diaz, The Associated Press
Associated Press
16 minutes ago
- Associated Press
Youngkin praises Virginia's economy, dismissing Democrats' concerns over Medicaid and job cuts
RICHMOND, Va. (AP) — Republican Gov. Glenn Youngkin said Thursday that Virginia's economy is thriving after ending its fiscal year with high revenues, a characterization Democrats criticized as rose-colored in light of budgetary decisions in neighboring Washington, D.C. In a presentation to the state's money committees, Youngkin and Virginia's secretary of finance said revenues for the fiscal year resulted in a $572 million surplus and a $4.7 billion rainy-day fund. Economic output in the state grew by about 1 percent higher than initially forecast, officials said. 'The strength and success we see today is no accident. It is the result of very intentional decisions made by all of us — intentional decisions to lift up opportunity in the Commonwealth of Virginia,' Youngkin said in his speech to lawmakers. 'And these decisions are yielding dividends. They're enabling us to compete and to win.' Democratic lawmakers were quick to push back, particularly in light of looming Medicaid work requirements for some adults after Congress passed a reconciliation bill last month. Youngkin repeatedly said Medicaid will not be taken away from Virginians, and Secretary of Finance Stephen Cummings added that hospitals will be able to absorb any additional costs from federal cuts to Medicaid. Senate Democratic Majority Leader Scott Surovell cited an analysis from the Congressional Budget Office this year estimating that roughly 11 million Americans will lose access to Medicaid. 'The governor stood up here and said a million times, repeatedly, that nobody is coming to throw out Medicaid,' Surovell said. He added that the CBO, which 'America relies upon to tell us the answers to these things, tells us that millions of Americans are going to lose their Medicaid.' Democrats also said the governor is not fully acknowledging that the White House's reshaping of the federal workforce will continue to impact the state's economy. The job losses that factored into Youngkin's assessment did not include federal workers who took buyouts and are still receiving payments until later this year, Cummings said. But Republican House Minority Leader Terry Kilgore praised Youngkin's presentation, calling it 'the kind of news every Virginian should cheer.' 'It happened because Republicans have kept a steady hand on the wheel,' Kilgore said. ___ Olivia Diaz is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
Forbes
16 minutes ago
- Forbes
This Company Is Automating Cybersecurity For Startups
On this episode of Forbes Talks, Forbes Associate Editor Alex York talks with CEO and Cofounder of Secfix, Fabiola Munguia. Munguia discusses her background, inspired by her entrepreneurial parents and witnessing cybersecurity trends at university. She started by selling ethical hacking services and then pivoted to building SEC Fix due to client demand for ISO 27,001 certification assistance. Munguia predicts that AI will increasingly automate workflows and be used to collect and document evidence for compliance. Most of SEC Fix's clients are European startups in information technology, and the company has secured $4.2 million in funding.
