Reeves Vows to Rebuild Britain, No Return to Austerity

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Reeves Vows to Rebuild Britain, No Return to Austerity
BudgetLabour PartyRachel Reeves
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U.K. Finance Minister Rachel Reeves pledged that her upcoming budget will focus on rebuilding the country and avoid austerity measures. Her announcement came as the Labour party kicked off its annual conference, their first in power for 15 years. Despite a reported £22 billion ($29 billion) 'black hole' in public finances, Reeves ruled out increases to income tax, National Insurance, VAT, and corporation tax.

The ruling Labour government has faced criticism for generating an atmosphere of doom over the state of the public finances .

Liverpool, ENGLAND — U.K. Finance Minister Rachel Reeves vowed on Monday that Britain will not return to austerity, saying her budget proposals will look to rebuild the country."It will be a budget with real ambition ... a budget to deliver the change we promised. A budget to rebuild Britain," she told a crowd of Labour party delegates Monday."There will be no return to austerity.

The ruling Labour government has faced criticism for generating an atmosphere of doom over the state of the public finances, with Prime Minister Keir Starmer warning ofReeves has suggested that taxes are likely to rise at her upcoming Oct. 30 Autumn budget after discovering a £22 billion "black hole" in the public finances.

Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly. Gideon Skinner, Ipsos' senior director of U.K. politics, said the findings were an indication that the government's"honeymoon period" was over.

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