UK fin min Reeves promises to fix the 'fiscal mess'Rachel Reeves is the new UK government's Chancellor of the Exchequer:
Says there is still more work to do on 'Pillar 1' tax agreement,
optimistic for agreement by Autumn- Wants tax burden on
working people to be lower, but will not make unfunded commitments - Will make statement
on Monday about the state of public finances, public spending
pressures - I want taxes to be
lower, not higher, but won't make commitments without being able to
say where the money is coming from - I am going to fix
fiscal mess that the tories left us - Wants fairer,
sustainable tax on wealthy but need to strike right balance - Labour wants to be
pro-growth, pro-wealth creation
Stay tuned for Monday.
Later next week the Bank of England meet, on 1 August. A rate cut is expected.
This article was written by Eamonn Sheridan at www.forexlive.com.
Source: UK fin min Reeves promises to fix the 'fiscal mess' (https://www.forexlive.com/news/uk-fin-min-reeves-promises-to-fix-the-fiscal-mess-20240725/)
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