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Chancellor Rachel Reeves delivered a key speech at the Labour Party conference last week, where she appeared to adopt a more optimistic tone regarding the economy. Previously, she had described the upcoming Budget as potentially “painful,” which led to speculation about possible spending cuts and tax increases, potentially impacting consumer confidence.
However, her conference speech focused on the positive outcomes she aims to achieve for the economy. Reeves plans to increase public spending in real terms, believing that government investment will drive economic growth. There are also indications that the rules on government borrowing could be revised to permit more investment.
Whether this suggests the Budget may not be as difficult as previously anticipated remains uncertain. We will, as always, keep you updated on any Budget developments.
