CashNews.co
In a speech at the Labour Party conference, British Finance Minister Rachel Reeves pledged to “rebuild Britain” following 14 years of Conservative leadership, emphasizing the need for “difficult decisions.”
The speech, which comes a little over a month before the ruling Labour Party’s first detailed budget, was closely watched by investors amid fears of tax hikes.
The government of Keir Starmer, who became premier after a landslide victory by his centre-left Labour party in a general election in July, has blamed the defeated Conservatives’ administration for a GBP22-billion (USD28 billion) “black hole” in public finances.
United Kingdom (UK) state debt in August reached a landmark high of 100 per cent of the country’s gross domestic product – its total annual output – a level unmatched since the early 1960s.
Starmer previously warned Britons that the budget announcement on October 30 would be “painful”, with tax rises and spending cuts expected.
News.Az