Rachel Reeves, Britain's new finance minister, sets out plans to unlock infrastructure projects and private investment under a new "national mission" to drive economic growth after her Labour Party's landslide election victory. In her first major speech, Reeves and Prime Minister Keir Starmer show they are moving quickly to tackle deep-seated problems and reignite growth in the G7 economy.
Reeves states, “The British people voted for change. Over the last 72 hours, I have begun the work necessary to deliver on that mandate. Our manifesto is clear. Sustained economic growth is the only route to improved prosperity and better living standards for working people." Reeves, the first female finance minister and a former Bank of England economist, pledges to build more houses and speed up planning approval for infrastructure projects.
However, they face challenges: living standards have stagnated since 2010, public debt is almost 100% of national economic output, and taxes as a share of GDP are set to rise to the highest level since just after World War Two. They also need to regain the confidence of international investors, many of whom were deterred by the political instability following the 2016 Brexit vote and the five prime ministers in eight years that followed.
#uk #uknews #labourparty #worldnews
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