Rachel Reeves Commits to Tough Economic Reforms in Landmark Speech

Rachel Reeves, the newly appointed UK finance minister, pledges to make difficult decisions to drive economic growth. In her first major speech following Labour's victory, she emphasized unblocking infrastructure and private investment, and ruled out higher borrowing for day-to-day spending. Reeves aims to improve living standards and reduce public debt.

Rachel Reeves, Britain's new finance minister, has pledged to take difficult decisions to drive economic growth, prioritizing swift changes to unblock infrastructure and private investment. This commitment marks her first major speech since Labour's victory last week.

"Last week, the British people voted for change. Over the past 72 hours, I have begun the work necessary to deliver on that mandate," Reeves stated, according to excerpts from her Treasury department. She vows to act promptly where previous governments hesitated.

Reeves, the first female in her role, aims to enhance growth without increasing the main taxes paid by working people. She has already ruled out higher borrowing for day-to-day expenses, emphasizing that public debt must decrease as a share of the economy within five years. The challenge is intensified by the economic situation inherited from the previous Conservative government.

(With inputs from agencies.)