Rachel Reeves

And no country, including the U.K., is immune from that.

But I've also been really clear that we will continue to meet the fiscal rules that I set out in my budget last year.

And we will get debt down as a share of our economy.

We will bring down the deficit and we will balance day-to-day spending with tax receipts.

And when we get the full forecasts from the Independent Office for Budget Responsibility, we will make sure that we are continuing to achieve those things.

In terms specifically of the headroom.

Yeah.

The headroom has been lower in the past.

It was as low as £6.5 billion in the last parliamentary session.

Obviously, more headroom would be good, but there's always trade-offs because, of course, to build more headroom, you would have to increase taxes further or cut spending further.

But we'll continue to manage that

balancing act.

But I recognize that in a world as volatile as it is today, having a bit more of a buffer can help absorb shocks.

In the budget last year, I did increase taxes on some of the wealthiest, and we also increased taxes on business.

I'm very mindful, again, to get the balance right.

We want to attract talent to the U.K.

and keep talent in the U.K.

I also want to make it easier for businesses to grow and stay in Britain.

So, I'll set out the individual taxes on November the 26th, but I want this to be a pro-growth budget.

that maintains Britain as a great place to start and grow a business and to bring in investment and obviously over the last few months we've secured huge amounts of foreign direct investment including from the United States with those big technology companies investing in Britain.