Britain's Finance Minister Rachel Reeves Upholds Bank of England's Interest Payment Policy

Britain's new finance minister, Rachel Reeves, confirmed she has no plans to alter how the Bank of England pays interest on its reserves, despite the significant impact on public finances. Her statement followed her inaugural address as finance minister under the new Labour government.

Britain's new finance minister, Rachel Reeves, announced on Monday that she has no intention of changing how the Bank of England handles interest payments on its reserves. This policy currently imposes a substantial burden on public finances.

In her first address as finance minister under the new Labour government, Reeves emphasized, 'I've got no intention of changing the way the reserves are treated, and the interest paid on those reserves - we don't have any plans to change that.'

(With inputs from agencies.)