UK Chancellor Reeves: Determined to bring inflation back to target

United Kingdom (UK) Chancellor of the Exchequer Rachel Reeves denies introducing the wealth tax into the upcoming Autumn Budget in November, as we already have taxes on the wealthy community.

We will continue to take action to bear down on prices in the budget.

I'm determined we can bring inflation back to target.

We're not going to be introducing a wealth tax in the budget, we already have taxes on the wealthy.

I would like more fiscal headroom but that comes with trade-offs on tax and spending.

Bigger fiscal buffer is useful, but there are trade-offs.

Current arrangements for OBR budget forecasts make it hard to have one fiscal event a year.

With volatility we have seen in markets, having a greater buffer would be useful.

I'm meeting with IMF's Georgieva to discuss suggestions for changes to OBR forecasts.

China decision on rare earths is wrong, dangerous for world economy.

I welcome a greater G7 focus on where we get critical minerals from.

We do need to make sure we are attractive for pharmaceuticals, including on pricing, but we need more investment flow in return.

We are working very closely with the pharmaceutical industry and US on tariffs.

Market reaction

The impact of UK Reeves' comments seems insignificant. During the press time, the GBP/USD pair trades 0.3% higher to near 1.3440.