Reeves Commits to UK Fiscal Rules for Full Parliamentary Term
LONDON (Reuters) - British finance minister Rachel Reeves said on Wednesday she still intended to stick to her self-imposed fiscal rules until the end of the government's term of office in 2029, despite the current global economic turmoil.
Asked by a reporter if the government's fiscal rules would remain unchanged for the whole parliament, Reeves replied: "Yes. Those fiscal rules ... are non-negotiable because they are the bedrock of the stability and security that families and businesses need."
Under the rules she set out in October - which aim to balance day-to-day spending with tax revenue by 2029 - Reeves has the option to suspend them temporarily "in the event of an emergency or a significant economic shock to the UK".
U.S. customs agents began collecting President Donald Trump's unilateral 10% tariffs on imports from many countries on Saturday, including Britain. Higher levies on goods from larger trading partners took effect earlier on Wednesday, including tariffs of more than 100% on U.S. imports from China.
Reeves reiterated that Britain would continue to act in the its national interest while in ongoing discussions with the U.S. to strike a trade deal.
"We don't want to see an escalation of tariffs," Reeves said. "We want to do a deal that supports the UK economy."
(Reporting by Sachin Ravikumar; Writing by Catarina Demony; editing by David Milliken)
