Conservative lawmakers ¡ª and even some of his Cabinet ¡ª are worried that Prime Minister Rishi Sunak¡¯s plans for stabilizing the U.K. public finances will sink their chances of surviving the next election.
One Cabinet minister said he¡¯s concerned that people will conclude Sunak is accepting Britain¡¯s decline with his determination to raise taxes and cut spending as the economy enters recession. That¡¯s the sort of idea that can define a prime minister, they said. And with public services already under pressure, it may well mean the Labour opposition extends its 20-point lead in polls.
Sunak and Chancellor of the Exchequer Jeremy Hunt are looking to find savings of about ?50 billion ($56 billion) when they set out their budget plans on Nov. 17, an official familiar with their thinking said last month. That would be enough to plug a ?35 billion gap in the public finances and give them some room to maneuver as they prepare for an election due by January 2025.
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