Summary
The government's financial chief, Rachel Reeves, spoke at a political meeting, mentioning possible tax increases in an upcoming budget. She said global events and past economic damage are influencing tough decisions ahead. Reeves pledged to keep taxes, inflation, and interest rates low but did not rule out the need for tax rises to meet financial rules.
Key Facts
- Rachel Reeves discussed potential tax hikes during Labour's annual party conference.
- She emphasized the impact of international events and past economic policies on the current budget.
- Economists warn that tax increases or spending cuts may be necessary.
- Reeves pointed to wars, U.S. tariffs, and borrowing costs as global challenges.
- Labour criticized the previous government's economic decisions, like Liz Truss's mini-budget.
- Reeves mentioned new initiatives, including a work placement program for unemployed young people.
- Plans were announced for funding libraries in every primary school and new measures against Covid-related fraud.
- The speech included criticism of the political party Reform UK.
