Labour’s Rachel Reeves Vows ‘No Return to Austerity’

In a fiery campaign speech, Shadow Chancellor Rachel Reeves has declared that there will be “no return to austerity” if Labour wins the upcoming election. Reeves, speaking from a Rolls-Royce factory in Derby, emphasized the importance of a partnership with business and workers, while also promising that Labour will not make unfunded spending commitments.

Reeves took aim at the Tories, linking Rishi Sunak and Jeremy Hunt with former Prime Minister Liz Truss, accusing them of not learning their lessons and singing from the same songbook. This comes as the Conservative party is set to unveil a new plan for pensioners, promising a “triple lock plus” pledge to boost their incomes.

However, Reeves has ruled out matching the Tories’ pensioners pledge tax pledge, criticizing it as unfunded promises. She also declined to unfreeze tax allowances or lift pensions, instead promising voters a new fiscal lock. Additionally, Reeves has ruled out an emergency budget if Labour wins the general election, stating that the earliest she would deliver a budget would be in September.

In response to questions about her economic policies, Reeves stated that a Labour Treasury would bring national insurance cuts but emphasized that she will not make any unfunded pledges. She also clarified that she considers herself a social democrat, not a socialist like Labour leader Sir Keir Starmer.

As the election campaign heats up, it is clear that economic policies will be a key battleground for both parties. With Reeves leading the charge for Labour, the promise of no return to austerity is sure to resonate with voters looking for a change in economic direction.