Reeves refuses to say she will stick to manifesto pledge on tax rises and insists she must face world ‘as it is’ – UK politics live

<p>Chancellor says she is focused on priorities for British people in pre-budget speech laying ground for expected tax rises</p><ul><li><p><a href="https://www.theguardian.com/business/live/2025/nov/04/tax-rises-inevitable-rachel-reeves-budget-speech-borrowing-pound-stock-markets-business-live-news">Business live: Pound lowest since April as investors anticipate budget tax rises</a></p></li></ul><p><strong>Reeves</strong> says welfare needs to be reformed.</p><p>There is nothing progressive about refusing to reform a system that is leaving one in eight young people out of education, or employment.<em> </em></p><p>I put our public finances back on a firm footing, provided an urgent cash injection into a faltering public services and began rebuilding our economy.</p><p>But since that budget, the world has thrown even more challenges our way.</p> <a href="https://www.theguardian.com/politics/live/2025/nov/04/rachel-reeves-speech-tax-budget-labour-keir-starmer-latest-politics-news-live">Continue reading...</a>