The UK's finance minister keeps public guessing over tax hikes

U.K. Chancellor Rachel Reeves gave little away Monday about where the axe could fall in the forthcoming budget, as she looks to fill a hole in Britain's public finances.

Addressing the Labour Party's annual conference in Liverpool on Monday, Finance Minister Reeves said she would champion Britain's economic “renewal” ahead of the Treasury's Nov. 26 Autumn Budget, with a focus on “the abolition of long-term youth unemployment.”

Anyone hoping for clues about plans for tax hikes or spending cuts was left disappointed, however, as the finance minister instead announced plans to get thousands of young people on benefits into paid work as part of a “Youth Guarantee” scheme.

“Every young person will be guaranteed either a place in a college, for those who want to continue their studies or an apprenticeship, to help them learn a trade vital to our plans to rebuild the country, or one-to-one support to find a job,” she told conference delegates.

“But more than that our guarantee will ensure that any young person out of work for 18 months will be given a paid work placement. Real work, practical experience, and new skills,” she said in comments released by the government in advance of her speech.

While Reeves did not specifically reference the budget, she alluded to tough choices that lie ahead, telling the audience:

“In the months ahead, we will face further tests. With the choices to come made all the harder by harsh global headwinds and the long-term damage done to our economy, which is becoming ever clearer.”