Britain's Labour finance minister Rachel Reeves declared Monday that public finances faced an extra hole of GBP22 billion inherited from the Conservatives, who warned she was readying tax hikes.
"We have inherited a projected overspend of GBP22 billion ($28 billion) of spending... this year that was covered up by the party opposite," said Reeves, appointed after centre-left Labour won a landslide election victory to oust the Conservatives on July 4.
