Rachel Reeves' Bold Promise to Combat Youth Unemployment

In a bold move, UK's finance minister Rachel Reeves is set to announce a groundbreaking initiative aimed at eradicating long-term youth unemployment. The announcement, expected at Labour's annual conference, involves guaranteeing paid work for young individuals on Universal Credit for over 18 months without employment or education.

This comes amid challenges for the Labour Party, grappling with improving living standards while adhering to strict fiscal discipline. Reeves faces calls from within her party to address issues like child poverty, yet remains committed to balancing the budget by 2029.

Compounding the political and economic constraints, the UK faces potential tax hikes in Reeves' upcoming November budget, as employers brace for impact amidst already high government borrowing costs and inflation concerns.