"Well, look, I think everyone can see in the last year that the world has changed, and we're not immune to that change. Whether it is wars in Europe and the Middle East, whether it is increased barriers to trade because of tariffs coming from the United States, whether it is the global cost of borrowing, we're not immune to any of those things."
"We made a commitment in our manifesto, and those commitments do stand. And they stand for a reason, because in the last parliament it was ordinary working people who bore the brunt of the economic mismanagement."
Rachel Reeves confirmed she no longer stands by a pledge last year not to raise taxes, arguing the global situation has changed. She cited wars in Europe and the Middle East, increased trade barriers from US tariffs, and higher global borrowing costs as factors making the prior pledge untenable. Reeves indicated that VAT is not expected to rise in the upcoming budget, arguing a VAT increase would hit working people and stoke inflation. Reeves reiterated that manifesto commitments remain in force and defended Labour positions on immigration, backing Keir Starmer's criticism of Reform UK.
Read at www.theguardian.com
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