Britain: It undertakes to adhere to the financial rules despite the Trump’s commercial war economy

British Finance Minister Rachel Reeves said on Sunday that the government will adhere to its financial rules despite the global turmoil, which sparked the possibility of reducing thousands of jobs in the public sector in a budget review this week.

Last October, Reeves sought to gain investor confidence by pledging to achieve a balance between daily spending and tax revenues by the end of the contract.

But it is believed that the reason behind its departure is slow economic growth and high borrowing costs.

Investors say that increased taxes will negatively affect employment, and that the possible global trade war that was ignited by the customs duties imposed by US President Donald Trump has reduced expectations on the prospects of the global economy.

“The world has changed. We all witness this in front of our eyes, and governments have not failed to do so. We will respond to change and we will continue to adhere to our financial rules,” Reeves told Sky News.

British debt costs jumped on Friday after the huge borrowing numbers, which showed tension among investors over the ability of the government of Prime Minister Kiir Starmer to reform public finances in light of slow growth.

Last week, the government announced discounts in spending on social welfare to provide about 5 billion pounds (6.5 billion dollars) annually, which angered some legislators in the Central Labor Party led by Starmer.

Reducing 10,000 jobs

In another statement today to the BBC (BBC), Reeves said that the United Kingdom aims to reduce the number of civil service employees by 10,000 employees, in an effort to reduce government employment costs by 15%.

She added that the government will adhere to its plan to increase real spending every year from this parliament, but it will give priority to allocating money, as the ministries are expected to achieve efficiency through the optimal use of technology such as artificial intelligence.

Reeves is expected to cast her spring statement on Wednesday, along with her updated forecast for Britain’s economic conditions. The financial surpluses that enable the Minister of Finance to adhere to its financial rules since its budget issued on October 30, due to poor growth and high borrowing costs. Reeves is expected to reduce government spending plans and social welfare to rebuild financial surpluses, after she promised to avoid any additional tax increases.