Rachel Reeves, a former economist for the Bank of England, was appointed as the UK’s first female chancellor on Friday following the Labour Party’s overwhelming victory in the recent general election.
In her speech today, Reeves will address leaders from various sectors, including financial services and green industries, emphasizing that economic growth is now a “national mission” for the UK. She will assert, “Where governments have been unwilling to take the difficult decisions to deliver growth – or have waited too long to act – I will deliver. It is now a national mission. There is no time to waste.”
The Financial Times reports that Reeves has spent the past 72 hours in discussions with Treasury officials about immediate measures to boost growth. Among the anticipated announcements is a plan to unblock large housing schemes that are currently stalled.
Labour has committed to establishing a £7.3 billion national wealth fund aimed at investing in strategic industries to foster growth. This fund aims to attract £3 in private investment for every pound spent.
Additionally, Reeves has postponed the annual Mansion House speech on financial services, initially scheduled by her predecessor Jeremy Hunt for July 11. Her first Budget is expected to be presented in September or October.
