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, but said she would make hard choices as she lays out budget proposals next month. 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. Her predecessor Jeremy Hunt, from the rival Conservative Party, has denied the claims as"I know that you are impatient for change.
Reeves also restated the government's position as"proudly pro-business," referencing plans next month to host a business summit and announce proposals for a new national industrial strategy. That, she said, would include measures for Britain to reach its net zero and clean energy goals by 2030.
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