British finance minister Rachel Reeves assured a “no return to austerity” policy during the Labour Party Conference. Despite inheriting a challenging financial landscape following the Conservatives’ previous cutbacks, Reeves emphasized a brighter future with increased investments in manufacturing and services, leading to higher wages and opportunities for younger generations.
Reeves acknowledged the need for tough decisions to address economic issues, citing previous government failures and announcing initiatives like free breakfast clubs for children. Her optimistic outlook aimed to counter recent consumer confidence dips and accusations of damaging the economy with a pessimistic approach.
Reeves clarified that while challenging choices lay ahead, overall public spending under Labour would increase without raising major taxes. She highlighted the importance of political stability for business investment and proposed measures, like appointing a COVID-19 corruption commissioner, to address past financial mismanagement.
The government’s commitment to address financial challenges while fostering economic growth reflects a balanced approach to steering the country towards stability and prosperity.