Rachel Reeves Defends Economic Prudence Amidst Internal Labour Criticism
British finance minister Rachel Reeves defended her commitment to economic responsibility, rejecting calls within the Labour Party to relax fiscal rules. In a speech, she highlighted the need for hard choices in the upcoming budget amid global challenges. Amidst political pressure, Reeves emphasized maintaining economic stability.
Rachel Reeves, Britain's finance minister, has firmly defended her stance on maintaining economic responsibility, countering internal criticism within the Labour Party advocating for relaxed fiscal rules to address the struggling national economy.
During a speech targeting the Conservative and Reform UK parties, she warned against spending beyond means, particularly with a challenging November budget ahead. Reeves insisted she would not jeopardize trust placed in Labour by the public over 18 months since their electoral win on economic trust, especially after the Conservative Party's market disturbance in 2022.
Despite urging unity against the Reform Party, which she accused of disseminating falsehoods, Reeves refrained from announcing new policies, except ensuring primary schools have libraries by the end of the parliament, and guaranteeing paid work for young people on benefit payments. She also mentioned contemplating necessary tax increases and desires a shift to once-yearly budget forecasts.
(With inputs from agencies.)
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