Elected in July, Starmer has said he has a dire inheritance left by the previous Conservative administration, and new finance minister Rachel Reeves has warned that taxes are likely to rise in her first budget on Oct. 30 because of what she said was a 22 billion pound ($29 billion) black hole in the public finances.

UK Prime Minister Keir Starmer said he’ll prioritize economic growth in the government’s upcoming Budget, despite concerns from business that a looming package of tax hikes and spending cuts could stymie the British economy.

Sir Keir Starmer has insisted next month’s Budget will not contain any measures that stifle growth, amid growing concerns in the City that the prime minister is planning to fill a fiscal hole by raising taxes on business.

Rachel Reeves’ first budget will not include any policies that harm economic growth, Sir Keir Starmer has declared. The Prime Minister said the number one priority in the Chancellor’s speech next month would be “economic growth and wealth creation”.