At Labour’s annual party conference in Liverpool, Chancellor Rachel Reeves emphasized the government’s commitment to maintaining fiscal stability, stating she would avoid taking risks with public finances. She outlined her intention to keep “taxes, inflation, and interest rates as low as possible,” while acknowledging that upcoming decisions, including potential tax increases in November’s Budget, may be influenced by international factors and past economic challenges.
Reeves highlighted that current economic conditions, shaped by global events such as conflicts in Europe and the Middle East, indicate that the government is not insulated from external pressures. She noted that economists anticipate the need for tax increases or spending cuts to align with her borrowing goals. During a BBC interview, she remarked that the economic landscape has shifted considerably over the past year.
The Chancellor also addressed criticism directed at previous Conservative administrations, particularly targeting Liz Truss’s “mini-budget,” which reportedly elevated mortgage costs. In a veiled reference to Labour’s Mayor of Greater Manchester, Andy Burnham, Reeves cautioned against abandoning fiscal responsibility and suggested that such choices could have dire consequences.
Reeves’ speech included some specific pledges aimed at improving community welfare, such as the introduction of guaranteed paid work placements for young people on Universal Credit and promises to support libraries in primary schools. She also announced initiatives to combat Covid-related fraud and promote British-made products in the shipbuilding and steel industries.
A protester briefly interrupted her speech with a Palestinian flag, highlighting ongoing tensions within the political landscape. Despite this, Reeves reiterated her party’s distinct stance, urging Labour activists to take pride in their achievements and offering a critique of competing parties, notably Reform UK, which poses a challenge in current political discourse.
Source: https://www.bbc.com/news/articles/cy041perldwo?at_medium=RSS&at_campaign=rss