Reeves aims for economic reset in first UK Budget as IMF raises growth forecast

Chancellor Rachel Reeves announced her first Budget will aim to reset the UK economy, focusing on future growth. She emphasized the importance of economic stability during her upcoming talks at the International Monetary Fund (IMF) meeting in Washington, D.C. The IMF recently upgraded its 2024 growth forecast for the UK to 1.1%, up from 0.7%. Reeves is considering tax increases and spending cuts of around £40 billion annually to improve public finances while funding essential services like the NHS. Reeves plans to change the UK's debt measurement, allowing for increased borrowing for infrastructure projects. She will also participate in G7 and G20 meetings to address global economic issues and promote climate finance ahead of the upcoming Cop29 conference.