New British Chancellor Rachel Reeves urges swift action for financial advance
(MENAFN) Rachel Reeves, Britain's newly appointed Chancellor of the Exchequer, emphasized the urgency of stimulating economic growth in her inaugural speech to business leaders in London on Monday. Ahead of the address, excerpts from her speech highlighted Reeves' commitment to advancing sustainable economic growth as pivotal to enhancing the nation's prosperity and improving the living standards of its workforce.
"Our agenda is clear: sustainable economic growth is the only way to improve our country’s prosperity and the living standards of workers," Reeves stated firmly, underscoring the pressing need for immediate action. She framed this initiative as a national imperative, stressing, "There is no time to waste," particularly as the new Labour government faces constraints, particularly regarding fiscal policies.
Reeves aims to initiate a comprehensive overhaul of the economy, intending to unveil measures aimed at fostering private investment and enhancing infrastructure. This agenda comes against a backdrop of significant economic challenges in the UK, exacerbated by Brexit fallout, the Covid-19 pandemic, soaring inflation, and subsequent purchasing power constraints. While recent months have seen some economic recovery, public finances remain delicate and vulnerable.
In her forthcoming speech, Reeves plans to critique the Conservative Party's management, highlighting what she perceives as missed opportunities for economic growth. She also intends to prepare business leaders and the public for what she terms "difficult decisions" ahead, acknowledging the necessity for strategic choices to steer the economy towards sustainable growth amidst prevailing uncertainties.
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