NEW DELHI: Rachel Reeves, the UK‘s first women finance minister has started taking steps towards infrastructure projects and private investments as part of a fresh “national mission” to boost economic growth following the Labour Party‘s resounding election victory.
With the centre-left party assuming power after a 14-year hiatus, Reeves and Prime Minister Keir Starmer convened over the weekend to determine initial steps to address deep-rooted issues and reignite growth.
Reeves emphasised the urgency of the situation, stating, “There is no time to waste.” She committed to addressing the scarcity of new homes, expediting planning approvals for infrastructure projects, including wind farms, and appealing to investors who have been hesitant to invest in the UK since the 2016 Brexit vote, which triggered political instability.”
Speaking at the Treasury Department, the former Bank of England economist assured, “After 14 years, Britain has a stable government – a government that respects business, wants to partner with business and is open for business.”
The incoming government faces a formidable set of challenges, as Reeves and Starmer must stimulate growth to finance increased spending on public services without violating their pledge not to raise the primary taxes paid by working individuals.
The situation is further complicated by stagnant living standards since 2010, public debt approaching 100% of national economic output, and tax as a share of GDP on course to reach its highest level since the aftermath of World War II.
To address the long-standing failure to construct sufficient homes, Reeves announced that the government would reinstate house-building targets for local councils, which were previously abolished by the Conservative administration, and provide support to strengthen local planning teams to initiate projects.
She affirmed, “We will not succumb to a status quo which responds to the existence of trade-offs by always saying no, and relegates the national interest below other priorities.”
With the centre-left party assuming power after a 14-year hiatus, Reeves and Prime Minister Keir Starmer convened over the weekend to determine initial steps to address deep-rooted issues and reignite growth.
Reeves emphasised the urgency of the situation, stating, “There is no time to waste.” She committed to addressing the scarcity of new homes, expediting planning approvals for infrastructure projects, including wind farms, and appealing to investors who have been hesitant to invest in the UK since the 2016 Brexit vote, which triggered political instability.”
Speaking at the Treasury Department, the former Bank of England economist assured, “After 14 years, Britain has a stable government – a government that respects business, wants to partner with business and is open for business.”
The incoming government faces a formidable set of challenges, as Reeves and Starmer must stimulate growth to finance increased spending on public services without violating their pledge not to raise the primary taxes paid by working individuals.
The situation is further complicated by stagnant living standards since 2010, public debt approaching 100% of national economic output, and tax as a share of GDP on course to reach its highest level since the aftermath of World War II.
To address the long-standing failure to construct sufficient homes, Reeves announced that the government would reinstate house-building targets for local councils, which were previously abolished by the Conservative administration, and provide support to strengthen local planning teams to initiate projects.
She affirmed, “We will not succumb to a status quo which responds to the existence of trade-offs by always saying no, and relegates the national interest below other priorities.”