London: UK Chancellor of the Exchequer Rachel Reeves has acknowledged that the British economy "is not well" and called for trimming expenditures as a remedy for inflation. While confirming that the date for proclaiming the state budget would be on November 26, Reeves stated in a video message posted today that the British economy "isn't broken. But I know it's not working well enough for working people. "Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change. We've got huge potential - world-leading brands, dynamic industries, brilliant universities, and a skilled workforce. We're a global hub for trade."
According to Kuwait News Agency, Reeves emphasized that fixing the foundations of the economy has been her mission over the past year. She highlighted several accomplishments, including raising the minimum wage for three million people, reducing the number of people waiting for medical treatment, and working on plans to build 1.5 million new houses. Reeves also mentioned that billions of sterling pounds would be earmarked for overhauling the country's infrastructure.
In her remarks about accomplishments, she pointed to securing trade deals with the US, India, and the EU and changing Treasury rules so investment reaches every part of the country. Despite these achievements, Reeves acknowledged there is still work to be done. "But I'm not satisfied. There's more to do. Cost of living pressures are still real," she said. "And we must bring inflation and borrowing costs down by keeping a tight grip on day-to-day spending through our non-negotiable fiscal rules."