glasgow. the chancellor jeremy hunt glasgow. the chancellorjeremy hunt says his decision to increase public spending on health and education in england means there will be an extra £1.5 billion available for the scottish government s budget over two years, although the first minister nicola sturgeon says that money is being swallowed up by inflation and she accuses the conservatives of re imposing austerity. it will be up to the acting finance secretaryjohn swinney to decide how to spend the money he does have and that will happen next month. he will also have to decide whether or not to replicate some of the big tax changes in mr hunt s statement. tithe changes in mr hunt s statement. one ofthe changes in mr hunt s statement. one of the problems changes in mr hunt s statement. que: of the problems facing northern ireland at the moment is there is a big black hole in public finances. some £660 million has been overspent on public services due to the cost of so many things going up.
rest the burden on those who the broader shoulders. rest the burden on those who the broadershoulders. so, it s not rest the burden on those who the broader shoulders. so, it s not a huge thing that it will be amended in some way, whether it s increased or runs for longer or brings more companies under it. perhaps all three. we ve got £50 million black hole in the finances, so they will look at how to raise more money. [30 look at how to raise more money. do ou look at how to raise more money. do you think it will increase? i look at how to raise more money. do you think it will increase? i think- you think it will increase? i think it will if you you think it will increase? i think it will if you listen you think it will increase? i think it will if you listen to you think it will increase? i think it will if you listen to that - it will if you listen to that language about the broadest shoulders, and you don t get much more shoulders, and you don t get much more broad sh
week, liz truss had to tell suella braverman to resign after breaking the ministerial code so let s see what happens this afternoon. the results of the big question of what rishi sunak is going to do on the economy. that will be the defining issue, the thing that dictates his first few weeks and months in office. we have not heard any details from him yet about what he wants to do about the big black hole in the country s finances, the plan had been for the chancellorjeremy hunt to give an update on medium term fiscal planning as it was called by the treasury, that was supposed to be on monday. there were a lot of hints this morning that would not happen next week as planned, let us wait and see what details we get on that during the course of the day. butjust hours into the job, you course of the day. butjust hours into thejob, you are course of the day. butjust hours into the job, you are correct, there is a lot of criticism on the reappointment of suella braverman and that all those
things aside as a mistake the previous prime minister made. we have some fundamental big issues facing our economy, of which rishi sunak was as much of an author as anyone else. but also, because of those recent actions taken by liz truss and her government, we are facing a much bigger black hole in our economy and public finances then we were otherwise facing, and that s mainly because the cost of debt has gone up so much, which we feel individually in our mortgage rates. but for the government, they feel it in servicing the government debt costs, and those costs have gone up ljy costs, and those costs have gone up by billions of pounds a year, which is why we are now facing this big black hole in the economy. so yes, you need to take time to sort that out, but it s the government s own problem and making, and it s their black hole they now have to try and fill, and it will be everybody else who pays the price for that with
taking the reins of power, we thought her entry was incredibly daunting. well, for rishi sunak it is even worse because the economic picture has got worse, the cost of living pressures haven t gone away, and it does feel like when he walks behind that black door later this morning, he will be doing so with the most daunting in tray in modern times. inflation is high. that has always been something he has warned about. the fact that economic growth is just not happening about. the fact that economic growth isjust not happening in about. the fact that economic growth is just not happening in the way that he promised when he was chancellor. he needs to turn that around. and at the same time, although we see him there looking really happy with all his mps, although we see him there looking really happy with all his mp5, i think he is going to face a really difficult time trying to balance the need to get the fiscal picture under control, basically to balance the books and plug the big blac