Rachel Reeves is on a knife-edge after voters delivered a damning verdict on her future at the helm of Britain’s finances.
It comes as the Chancellor faces intense scrutiny over allegedly “lying” about the nature of the so-called “black hole” in the Treasury’s coffers ahead of her tax-hiking Budget earlier this week.
In a November 4 speech, Ms Reeves suggested £26billion worth of taxes were needed because poor productivity growth would have “consequences for the public finances”.
However, the Office for Budget Responsibility (OBR) on Friday said it had informed the Chancellor as early as September 17 the shortfall was likely smaller than initially expected. The fiscal watchdog told her in October it had been eliminated altogether.
They explained there was a £4.2billion surplus in public finances, directly contradicting the Chancellor’s warnings about a £30billion shortfall.
As a result, Ms Reeves has faced broadsides from across the political spectrum for appearing to misrepresent the nature of the nation’s finances.
Chief among those applying scrutiny is the British people, who have resoundingly denounced her latest measures and future as Chancellor.
According to fresh polling from More in Common, 51 per cent of Britons called for the Chancellor to resign.
Rachel Reeves is on the ropes as Britons are overwhelmingly backing her resignation
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This was compared to a measly 18 per cent that supported her remaining in No 11.
An especially bruising 77 per cent of respondents also said they now possessed little or no confidence in the Chancellor’s abilities.
GB News viewers and readers have also made their voices heard, with an astonishing 96 per cent saying they felt worse off after the Chancellor’s tax raiding budget.
The Chancellor has been accused of misleading the public over the nature of Britain’s finances ahead of her budget
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As her position grows more precarious, the Chancellor protested her innocence of any claims of lying this weekend.
After being pushed for a simple answer on whether she misled voters, Ms Reeves told Sky News: “Of course I didn’t lie.”
Prime Minister Sir Keir Starmer has attempted to defend his Chancellor, with No10 declaring her warnings about a financial “black hole” were “entirely accurate”.
They said any notion of misleading the public was “categorically untrue”.
Keir Starmer has defended Ms Reeves over her warnings about a finanical ‘black hole’
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Downing Street added the PM was aware of both the OBR figures and “the content of the speech” she delivered earlier this month.
The Prime Minister is expected to double down on his support for Ms Reeves on Monday, outlining that the Governemnt must go “further and faster” on growth.
Joining the British public in condemning the Chancellor were a host of senior political figures.
“It is time to change course with a new Chancellor and rebuild confidence with the British people,” Reform UK deputy leader Richard Tice said.
Sir Mel Stride, the Shadow Chancellor, has also written to the Financial Conduct Authority urging it to investigate “potential market abuse” from Labour’s “misleading” pre-Budget statements and briefings.