在财政大臣雷切尔·里夫斯（Rachel Reeves）在工党会议上发表演讲之前，英镑兑美元汇率升至1.343美元，因为投资者在11月26日预算之前准备好了财政战略的信号。里夫斯在接受英国广播公司和彭博社采访时重申了她不提高增值税、所得税、国民保险税或公司税的承诺，但暗示其他地方的进一步增税可能是不可避免的。她强调财政纪律，称到2029年平衡日常支出的规则仍然是“稳定的基石”，同时拒绝单独征收财富税。随着借贷成本的上升——30年期国债收益率最近创下1998年的新高——里夫斯面临着在保持市场稳定的同时提高生活水平的压力。今天，她预计将概述从福利到工作的措施，但工党的左翼继续推动更高的社会支出，这给她的平衡行为增加了紧张局势。与此同时，预计2025年英国经济将增长不到1.5%，9月份通货膨胀率可能达到4%，是英国央行目标的两倍。

The pound strengthened to $1.343 ahead of Chancellor Rachel Reeves’ Labour conference speech, as investors brace for signals on fiscal strategy before the November 26 budget. Speaking to BBC and Bloomberg, Reeves reaffirmed her pledges not to raise VAT, income, national insurance, or corporation tax but suggested further tax hikes elsewhere may be unavoidable. She stressed fiscal discipline, saying her rules to balance day-to-day spending by 2029 remain “the bedrock of stability,” while rejecting a standalone wealth tax. With borrowing costs elevated—30-year gilt yields recently hit 1998 highs—Reeves faces pressure to improve living standards while keeping markets onside. Today she is expected to outline welfare-to-work measures, but Labour’s left continues to push for higher social spending, adding tension to her balancing act. Meanwhile, Britain's economy is forecast to expand by less than 1.5% in 2025, and inflation looks likely to hit 4% in September, double the BoE's target.