UK Finance Minister Rachel Reeves pledges most 'pro-growth, pro-business' government the country has seen

"This is going to be the most pro-growth, pro-business Treasury that this country has ever seen," Reeves told CNBC's Steve Sedgwick via remote interview.

Reeves told CNBC that it was only through wealth creation that the living standards of ordinary Britons would be improved and more money would be available to invest in public services. Reeves, who has been in post for three weeks following Labour's landslide victory in the U.K.'s July 4 general election, was speaking from Rio de Janeiro, Brazil where she is attending a meeting of G20 finance ministers.The chancellor said she has already met with business leaders who are interested in doing business in the U.K. She acknowledged, however, that businesses needed more clarity on taxation.

Reeves declined to comment on the precise details, saying "issues around taxes are rightly for the budget." But she added that she wants to ensure Britain has a "competitive tax system."

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