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Rachel Reeves Admits 'It's Tight' as UK Debt Level Soars (Full Interview)
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January 22, 2025
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31:31Now PlayingChancellor Rachel Reeves has come out fighting this morning in an interview with Bloomberg News' editor-in-chief John Micklethwait in Davos, but conceded her fiscal headroom is 'tight'. Despite a faltering economy and backlash against approving controversial projects aimed at boosting growth, Reeves claimed the UK's public finances are "now in order," adding no promises can be made regarding cutting the tax burden while she says she is "absolutely" relaxed about wealth creation.
Reeves also said "the answer can't always be no" when it comes to approving major infrastructure works and planning decisions, her latest indication that she'll push ahead with controversial projects in a bid to grow Britain's economy.
The interview comes as debt interest costs pushed up UK government borrowing more than predicted last month, putting Chancellor of the Exchequer Rachel Reeves on course to overshoot official forecasts this year. The budget deficit totaled £17.8 billion ($21.9 billion) in December, more than double the £7.7 billion recorded a year earlier and the highest for the month since the pandemic, the Office for National Statistics said Wednesday.
UK Chancellor Rachel Reeves and UK Secretary of State for Business and Trade Jonathan Reynolds Spoke to Bloomberg News' editor-in-chief John Micklethwait at Bloomberg House in Davos at the World Economic Forum
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