Rachel Reeves: No Return to Austerity, A Vision for a Richer Britain

British finance minister Rachel Reeves dismissed economic austerity, advocating for investment-driven growth during the Labour Party conference. She promised fiscal stability while taking tough decisions, like cutting winter fuel payments. Reeves revealed optimistic plans, but with few specific timelines, for boosting Britain's economy and launching initiatives like free school breakfasts.

British finance minister Rachel Reeves has ruled out a return to economic austerity, aiming to lift the gloomy tone adopted by her party since its landslide victory in July. Speaking at Labour's annual conference, Reeves painted a hopeful picture of a Britain revitalized by investments in manufacturing and services, though she offered few specifics.

Reeves assured the packed conference hall in Liverpool that Conservative austerity had damaged public services and growth. Despite needing to make tough decisions, like cutting winter fuel payments, she remained optimistic about Britain's future and announced new initiatives, including free breakfast clubs for primary school children.

Business leaders welcomed her long-term strategy, but critics argued it lacked detail regarding structural economic changes. Reeves criticized the former Conservative government for economic mismanagement and promised to recover funds lost to pandemic-era corruption, emphasizing that overall public spending would grow under Labour despite financial constraints.

(With inputs from agencies.)