Britain's Finance Minister Rachel Reeves has pledged to make the "necessary", "urgent" and "incredibly tough" choices to restore the country's economic stability.
Britain's Finance Minister Rachel Reeves on Monday announced a raft of project cuts after detailing how the newly elected Labour government has inherited a projected overspend of £22 billion ($28.2 billion) from the center-right Conservatives.
The finance minister also said she had canceled plans to sell NatWest shares to the public, saying the proposal put forward by her predecessor Jeremy Hunt did not "represent value for money."
Britain's finance chief has previously ruled out increases to income tax, national insurance, VAT or corporation tax — the main sources of government revenues.
However, Reeves must orchestrate a delicate balance act given the pledges from her party to also boost national investment and public sector pay.
Persons:
Rachel Reeves, Reeves, Boris Johnson, Jeremy Hunt
Organizations:
Britain's, Monday, Labour, Railways Fund, Conservative, NatWest