Excerpts of the speech, which is scheduled a week before the House of Commons resumes, refer to Labour inheriting not just an economic black hole but a societal black hole.

And that is why we have to take action and do things differently. Part of that is being honest with people – about the choices we face. And how tough this will be. Frankly, things will get worse before we get better, Starmer is expected to say.

The speech will foreshadow the government’s Autumn budget statement, which is widely expected to entail tough new financial announcements on October 30.

The UK PM is expected to say: When there is rot deep in the heart of a structure, you can’t just cover it up. You can’t tinker with it or rely on quick fixes.

You have to overhaul the entire thing. Tackle it at the root. Even if it’s harder work and takes more time. Because otherwise, what happens? The rot returns. In all the same places. And it spreads.

Taking aim at the Tories now in Opposition, Starmer will reiterate his Chancellor Rachel Reeves’ previous claim that they discovered a GBP 22 billion black hole in the public finances within days of taking charge.

“The OBR (Office for Budget Responsibility) did not know about this. They wrote a letter saying so. They didn’t know because the last government hid it, Starmer will allege.

The Conservatives have hit back at the government, accusing Labour of poor financial decisions such as rolling back an allowance for senior citizens for their heating bills.

“The soft-touch Labour Chancellor is squandering money whilst fabricating a financial black hole in an attempt to con the public into accepting tax rises, and literally leaving pensioners in the cold, said Conservative Party chairman Richard Fuller.

“The Prime Minister really should tell his Chancellor to reverse course or step in himself to reverse her decision, he said.

First Published: Aug 25 2024 | 3:16 PM IST