LONDON, July 29 (Xinhua) -- The previous Conservative government left a "fiscal black hole" of 22 billion pounds (28.28 billion U.S. dollars) in the accounts of the United Kingdom (UK), British Chancellor Rachel Reeves told the House of Commons on Monday.
In her speech, Reeves accused the previous Conservative government of covering up the scale of the deficit for the 2024-2025 fiscal year. She said that the Labour government would take measures to reduce spending by 5.5 billion pounds this year and more than 8 billion pounds next year.
