Ministers defend going beyond 5% spending rule

The transcript outlines the economic context and strategy for the upcoming budget, emphasizing the need for careful calibration of budgetary policy. It discusses adjustments made in response to inflation and details the fiscal parameters for Budget 2024, including public spending and tax packages. The strategy aims to maintain public services and protect incomes while ensuring sustainable public finances. It also highlights the importance of using windfall taxes for long-term economic improvements.

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