UK Chancellor rules out return to austerity at party conference

London, Sep 23 British Chancellor Rachel Reeves reassured the country on Monday that the United Kingdom (UK) will not return to austerity policies, referencing the austerity programme initiated by the Cameron government in 2009.

During her 2024 Labour Party Conference speech, Reeves said, "There will be no return to austerity," criticizing the Conservative Party's policy as "a destructive choice for our public services, and for investment and growth."

Looking ahead to the upcoming budget in October, Reeves reassured party members that it will align with the new government's manifesto commitments. These include no increases in income tax, national insurance, or value-added tax, capping corporation tax at its current level for the duration of the current parliament, closing the non-dom tax loophole, and cracking down on tax avoidance and evasion.

The Chancellor also announced the forthcoming release of a new industrial plan in collaboration with the Business Secretary, scheduled for October. This plan will represent a departure from Conservative economic ideologies of "trickle-down economics" and will focus on supporting long-term growth in both manufacturing and service industries, regional development, and achieving net-zero emissions by 2030.

Reeves also revealed the appointment of a new COVID-19 corruption commissioner, tasked with investigating waste and corruption during the pandemic, Xinhua news agency reported.

The Labour Chancellor announced other reforms aimed at protecting workers' rights, including banning exploitative zero-hour contracts, ending unfair dismissal practices, and establishing a genuine living wage that reflects the true cost of living.

Source: IANS