Becky MortonPolitical reporter
Reeves: I will take no risk on public finances
Rachel Reeves has said the government is facing difficult choices, as she promised she would not take risks with the public finances.
In her speech at Labour’s annual party conference in Liverpool, the chancellor pledged to keep “taxes, inflation and interest rates as low as possible”.
But hinting at further tax rises in November’s Budget, she said the government’s choices had been made “harder” by international events and the “long-term damage” done to the economy.
Reeves is facing a difficult Budget, with economists warning tax rises or spending cuts will be needed for the chancellor to meet her self-imposed borrowing rules.
Pressed over whether she would have to put up taxes in a BBC interview ahead of her speech, Reeves said “the world has changed” in the last year – pointing to wars in Europe and the Middle East, US tariffs and the global cost of borrowing.
“We’re not immune to any of those things,” she added.
If taxes do go up in the Budget, this prepares the ground for the government’s argument for why this is necessary.
Reeves criticised previous Conservative governments, accusing Liz Truss of sending mortgage costs “spiralling” with her mini-budget.
And in comments that will be seen as a swipe at the Labour mayor of Greater Manchester, Andy Burnham, Reeves said: “There are still th
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