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Jeremy Hunt hits back at Rachel Reeves amid UK financial row

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Rachel Reeves announces the Labour government’s first budget in October

The first budget under the new government will be delivered on October 30, Rachel Reeves has announced. The chancellor confirmed the date of the budget – Labour’s first since taking office after the July 4 election – during a lengthy statement in the House of Commons in which she accused the previous Conservative government of lying about how much public money it planned to spend. Ms Reeves made her statement following a Treasury review of the government’s finances, which she said had uncovered a £22bn black hole.

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