U.K. Chancellor of the Exchequer Rachel Reeves will run the gauntlet between the left of her Labour Party and opposition Conservatives on Monday when she outlines the state of public finances.
In a speech setting the tone for the Britain’s economy and its politics for the next five years, Reeves is expected to say she’s inherited a near £20 billion ($26 billion) shortfall for public services from the Tory government ousted by Labour in this month’s landslide election win.
That black hole provides the backdrop for her first budget in the autumn, when she’s said "difficult decisions” will have to be made. Whether she and Prime Minister Keir Starmer respond with tax rises or spending cuts, the Tories and the Labour left are poised to pounce.