A £22bn ‘black hole’ could be filled overnight if Labour stopped paying unnecessarily high interest on balances at Threadneedle Street
Well that didn’t take long. Less than a month after becoming chancellor Rachel Reeves has gone native at the Treasury, putting a red pencil to plans for new hospitals, roads and rail projects that the government says it can’t afford.
The latest to bite the dust is the £800m for an exascale supercomputer at the University of Edinburgh and a further £500m for the AI Research Resource, which funds computing power for AI.