Rachel Reeves presents UK economic plans: Between challenges and opportunities

Rachel Reeves, the new Chancellor of the Exchequer of the United Kingdom, will face scrutiny from both the left wing of her Labour Party and the opposition Conservatives on Monday as she outlines the state of British public finances in a landmark speech. This address will set the economic and political course of the country for the next five years. Reeves is expected to explain that she inherited a deficit of nearly 20 billion pounds (26 billion dollars) for public services from the now-deposed Tory government. This budget shortfall forms the backdrop for her first budget plan in the autumn. Reeves has already stated to Bloomberg News that "difficult decisions" will be necessary to address this deficit. Whether she opts for tax increases or spending cuts remains to be seen. What is certain is that both the Conservatives and the left wing of the Labour Party are poised to react to her proposals.