UK economy latest: Reeves says UK must go ‘further and faster’ in search of economic growth

Chancellor says she’ll go ‘further and faster’ on growth planpublished at 13:35 Greenwich Mean Time

13:35 GMT

Faisal Islam
Economics editor

The
key line was the chancellor said the government will go “further and faster” on
its growth plan.

She said market volatility was the “playing out” of “global
economic uncertainty”.

Reeves was defending both her trade visit to
China and her Budget.

She
restated her commitment to her self-imposed fiscal rules, which could lead to
the need for extra cuts in forecast spending within the next few weeks.

But
the chancellor seemed aware that she needed to convey a more detailed and
convincing plan for growth, and with more urgency.

This
will now be a key priority next week at the World Economic Forum in Davos, and
there will be a speech on growth, ahead of the new forecast by the Office for Budget Responsibility in March. The
markets will be looking for detail, on infrastructure, trade and industry.

Mel
Stride appeared via an elaborate Shakespeare analogy to vaguely call for the chancellor to consider her position.

“To go or not to go, that is a question,”
he said. She does not appear to be going anywhere.