UK Finance Minister Reeves vows no austerity despite tough budget

Following Labour's election victory in July, Rachel Reeves suggested taxes were likely to rise in her first budget on Oct. 30.Reeves will also reiterate that Labour's manifesto commitments not to raise income tax, National Insurance social security payments, value-added tax and corporation tax.

Following Labour's election victory in July, Reeves suggested taxes were likely to rise in her first budget on Oct. 30 because of what she said was a 22 billion-pound hole in the public finances. At the Labour Party conference in the northern English city of Liverpool, Reeves will use Monday's keynote speech to reiterate that she will make the necessary decisions to give the stability she said was "the essential precondition for business to invest with confidence and families to plan for the future".

"We must deal with the Tory legacy and that means tough decisions. But we won't let that dim our ambition for Britain."Amid criticism that Reeves and Prime Minister Keir Starmer have taken an overly gloomy view which, along with a furor over donations, has cast a pall over what would otherwise have been a Labour celebration of their first election win for 14 years, she will hint at a brighter future beyond the tough circumstances she inherited.

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