Reeves Pledges to Rein In UK Borrowing as Welfare Backlash Grows

Rachel Reeves has defended her fiscal rules and pledged to bring down government borrowing, as the UK Chancellor of the Exchequer faces dissent from Labour party colleagues opposed to cuts to welfare payments and government spending.

“When we’re spending £100 billion ($130 billion) a year on servicing government debt, I don’t think anyone could seriously argue that we don’t need to get a grip of government borrowing and government debt,” Reeves said in an interview with Bloomberg TV on Monday. “It is important that there is headroom against the shocks we face.”