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Investing.com -- U.K. Chancellor Rachel Reeves said Wednesday that the Budget will take place on November 26, focusing on an economy she says "isn’t working well enough for working people."
In her statement, Reeves acknowledged ongoing cost of living pressures while emphasizing the need to maintain strict fiscal discipline.
"We must bring inflation and borrowing costs down by keeping a tight grip on day to day spending through our non-negotiable fiscal rules," she said.
The Chancellor highlighted several achievements from her first year in office, including raising the minimum wage for three million workers, reducing NHS waiting lists, and initiating planning reforms to build 1.5 million new homes.
She also pointed to secured trade deals with the US, India, and the EU.
Reeves faces major hurdles as she and Prime Minister Keir Starmer work to juggle rising calls for higher public spending with the drag of sluggish economic growth.
At the same time, the government must manage these pressures while sticking to its pre-election pledge not to lift rates on key taxes.
The Chancellor framed the upcoming Budget around the themes of renewal and growth, stating that "investment and reform are our tools" to build an economy that delivers "more pounds in your pocket, an NHS there when you need it, and opportunity for all."