U.K. Finance Minister Rachel Reeves has reiterated her commitment to the government’s self-imposed fiscal rules, but said it must be honest with the public about the challenges the country faces.
Speaking to CNBC’s Karen Tso on the sidelines of the IMF’s Annual Meeting in Washington, D.C., on Friday, Reeves cited the Russia-Ukraine conflict, tensions in the Middle East and the impact of global trade barriers as key challenges.
“The key thing for me is that as Chancellor, I’m determined ... to be honest with people about the challenges that we face,” she said. “I will respond to those at the budget.”
On Nov. 26, Reeves will deliver her second Autumn Budget since becoming chancellor of the Exchequer. The policies announced in the upcoming budget come as the U.K. grapples with a faltering economy, inflated prices and elevated government borrowing costs.
Reeves would not be drawn on individual measures in the budget, such as the possibility of a bank tax, but said she wanted the U.K. to be competitive for businesses to “start up, to scale up and to grow.”
