British finance minister Rachel Reeves ruled out a “return to austerity” during her speech at Labour’s annual conference, aiming to uplift her party’s mood following their recent election victory. While acknowledging the financial challenges left by the outgoing Conservative government, which imposed significant cutbacks after the 2008 financial crisis, Reeves focused on a hopeful vision for the future, emphasizing investment in manufacturing and services to create decent-paying jobs.
Despite her optimistic outlook, Reeves provided little detail on how this growth would be achieved or a timeline for when it might occur. She reiterated the necessity of making tough decisions, including controversial cuts to winter fuel payments for pensioners, citing a significant gap in public finances. Reeves stated that while Labour wouldn’t return to austerity, they would still have to navigate difficult choices to address the Conservative legacy.
She emphasized that there would be overall growth in public spending without raising major taxes and highlighted the importance of political stability in attracting business investment. In response to recent criticism of the government’s financial decisions, Reeves announced new initiatives, such as free breakfast clubs for primary school children. However, challenges remain, such as the rejection of a government pay award by NHS nurses, highlighting ongoing tensions within the health sector.
Source : CGTN
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