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WE’LL REVERSE 14 YEARS OF FINANCIAL IRRESPONSIBILITY, NEW UK FINANCE MINISTER
Rachel Reeves, the newly appointed Finance Minister of the United Kingdom, pledged on Monday to swiftly “fix the foundations” of Britain’s economy by putting focus on onshore wind power and house building following Labour Party’s electoral victory.
In her inaugural major address since becoming the UK’s first woman Chancellor under new Prime Minister, Keir Starmer, Reeves declared there was “no time to waste” in reversing “the legacy of fourteen years of chaos and economic irresponsibility” under Conservative rule.
The 45-year-old Chancellor assumes office as Britain’s economy emerges from recession, with inflation rates normalizing and the Bank of England poised to reduce interest rates. The Labour Party, which campaigned on a platform of economic growth, secured majority votes in last Thursday’s general election.
“New Treasury analysis I requested over the weekend exposed the opportunities lost” under the Conservatives, Reeves told business leaders in London. She revealed that weak growth had cost Britain £58 billion ($74 billion) in tax revenues last year alone, significantly impacting public services.
Reeves stressed the importance of “robust fiscal rules,” acknowledging the increase in Britain’s debt due to extensive state spending during the Covid-19 pandemic and energy price surges.
The Chancellor outlined plans to double onshore wind energy by 2030 and advance the nation’s progress towards net zero carbon emissions.
“That means immediately removing the de facto ban on onshore wind in England, in place since 2015,” the government said in a separate statement Monday.Reeves also announced a comprehensive reform of planning rules to accelerate infrastructure development across various sectors to facilitate the construction of 1.5 million “affordable” homes in partnership with the private sector.
