Latest news with #spendingPlans
Reuters
a day ago
- Business
- Reuters
Rising rates could affect Japan's spending plans, PM Ishiba says
TOKYO, June 9 (Reuters) - Japan must be aware that rising interest rates would push up the government's debt-financing costs and affect its spending plans, Prime Minister Shigeru Ishiba said on Monday. "Japan is shifting to a phase where interest rates rise as a trend," Ishiba told parliament. "Japan's debt-to-gross domestic product ratio is high. When interest rates rise, the cost of funding government debt increases. That could weigh on spending," he said, calling on the need to ensure the government maintains public and market trust in its finances.
Yahoo
28-05-2025
- Business
- Yahoo
Chris Philp Has Criticised Liz Truss's Mini-Budget And People Are Making The Same Point
Chris Philp has criticised Liz Truss's disastrous mini-Budget – despite publicly backing it at the time. The Tory frontbencher took aim at his former boss as he slammed Nigel Farage'sunfunded spending plans. The Reform UK leader said his party would bring back winter fuel payments for every pensioner, scrap the two-child benefit cap and stop anyone earning less than £20,000 a year from paying tax. Experts said the spending spree could cost around £100 billion. On Time Radio, Philp said: 'What Nigel Farage is proposing to do, in terms of the tax cuts and spending increases he is proposing, is two-and-a-half or even three times the scale of what Liz Truss attempted back in September, 2022. 'I was at the time urging spending restraint to partially offset the proposed tax cuts because it was clear to me at the time you can't just have unfunded tax cuts on that scale. Unfortunately, the case I made internally wasn't listened to and we've all seen the results subsequently.' 'It's very irresponsible of Nigel Farage to be proposing these unfunded spending measures.'Reform's welfare vows are 'three times the scale' of what Liz Truss attempted when she was prime minister, says treasury minister under Truss Chris Philp.@CPhilpOfficial | @ — Times Radio (@TimesRadio) May 27, 2025 Philp was chief secretary to the Treasury during Truss's 49-day spell as prime minister. Just hours after the tax-slashing mini-Budget, when the value of the pound briefly went up, Philp tweeted: 'Great to see sterling strengthening on the back of the new UK Growth Plan.' Shortly afterwards, the pound plummeted amid market turmoil. Philp also gave the mini-Budget '9.5 out of 10', claiming it would boost economic growth. The shadow home secretary's stunning about-turn was not lost on social media users. If only Chris Philp had been in a position to have done something about Tories admit they crashed the economy and sent mortgages rocketing. Yet still no apology. They haven't listened and will never learn.@ — Labour Press (@labourpress) May 27, 2025 I'm old enough to remember you backing Truss 🤡 — (@JamesJamessowen) May 27, 2025 He was Liz Truss's biggest backer🤣 — David (@davidprice261) May 27, 2025 'Trussonomics On Steroids': Farage Compared To Failed Tory PM Over 'Unfunded' Reform Spending Spree Farage Mocked After Reform Leave Liz Truss Off List Of Tory Leaders Who 'Broke Britain' – Exclusive Liz Truss Prompts One Huge, Collective Eye Roll After Her Latest Attack On The PM
