UK fin min Reeves promises to fix the ‘fiscal mess’

Rachel Reeves is the new UK government’s Chancellor of the Exchequer:

• Says there is still more work to do on ‘Pillar 1’ tax agreement,
  optimistic for agreement by Autumn
• Wants tax burden on
  working people to be lower, but will not make unfunded commitments
• Will make statement
  on Monday about the state of public finances, public spending
  pressures
• I want taxes to be
  lower, not higher, but won’t make commitments without being able to
  say where the money is coming from
• I am going to fix
  fiscal mess that the tories left us
• Wants fairer,
  sustainable tax on wealthy but need to strike right balance
• Labour wants to be
  pro-growth, pro-wealth creation

Stay tuned for Monday.

Later next week the Bank of England meet, on 1 August. A rate cut is expected.

This article was written by Eamonn Sheridan at www.forexlive.com.