Britain Shifts Gear: Labour Government Aims to Spark Economic Revival

Britain's new Labour government, led by Treasury chief Rachel Reeves, is determined to stimulate economic growth by cutting bureaucracy and encouraging investment. Reeves committed to ambitious housing targets and lifting the ban on onshore wind energy. Prime Minister Keir Starmer promises to rebuild the economy and public services after years of instability.

Britain's newly elected Labour government has set its sights on economic revival through reduced bureaucracy and heightened investment, according to Treasury Chief Rachel Reeves.

In her inaugural significant address, Reeves criticized the Conservative administrations for years of economic mismanagement and pledged immediate reforms in planning rules to jump-start infrastructure, housing, and energy projects.

Reeves, the country's first female Treasury chief, affirmed the need for sustained economic growth to enhance living standards and rejuvenate underfunded public services, signaling a stable governance environment conducive to business.

(With inputs from agencies.)