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

news.yahoo.com — October 24, 2024, 12:02 AM UTC

Summary: 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.

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Article metrics
Significance5.6
Scale & Impact6.2
Positivity6.1
Credibility7.5
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Timeline:

  1. [2.1]
    David Blunkett advises Rachel Reeves to rethink private pension plans in upcoming budget (dailymail.co.uk)
    3d 21h
    Source
  2. [3.3]
    Labour peer warns of pension risks from proposed National Insurance increase ahead of Budget 2024 (news.yahoo.com)
    4d 13h
    Source
  3. [2.3]
    Lord Blunkett warns pensions tax could harm retirement living standards in the UK (dailymail.co.uk)
    4d 22h
    Source
  4. [2.5]
    Labour plans to shield public sector pensions from new tax on employer contributions (dailymail.co.uk)
    5d 21h
    Source
  5. [3.8]
    Chancellor Rachel Reeves plans economic reset in UK Budget but warns of financial pain (dailymail.co.uk)
    5d 22h
    Source
  6. [2.6]
    Labour's new Chancellor plans national insurance on pension contributions, raising concerns over private sector impacts (dailymail.co.uk)
    5d 22h
    Source
  7. [5.1]
    Chancellor Rachel Reeves plans increased borrowing for infrastructure and clean energy investment (independent.co.uk)
    5d 23h

    ScoresSource
  8. [3.7]
    Starmer says upcoming Budget will keep entrepreneurs in the UK (independent.co.uk)
    6d 0h
    Source
  9. [5.0]
    Chancellor Reeves to unveil new fiscal rules allowing £50 billion for UK investment (theguardian.com)
    6d 3h

    ScoresSource
  10. [2.5]
    Labour plans new tax on employer pension contributions in upcoming Budget (express.co.uk)
    6d 3h
    Source