Business
Rachel Reeves warns of harder choices to come as she hints at tax rises
Becky MortonPolitical reporter
Rachel Reeves has said the government is facing difficult choices, as she promised she would not take risks with the public finances.
In her speech at Labour’s annual party conference in Liverpool, the chancellor pledged to keep “taxes, inflation and interest rates as low as possible”.
But hinting at further tax rises in November’s Budget, she said the government’s choices had been made “harder” by international events and the “long-term damage” done to the economy.
Reeves is facing a difficult Budget, with economists warning tax rises or spending cuts will be needed for the chancellor to meet her self-imposed borrowing rules.
Pressed over whether she would have to put up taxes in a BBC interview ahead of her speech, Reeves said “the world has changed” in the last year – pointing to wars in Europe and the Middle East, US tariffs and the global cost of borrowing.
“We’re not immune to any of those things,” she added.
If taxes do go up in the Budget, this prepares the ground for the government’s argument for why this is necessary.
Reeves criticised previous Conservatives government, accusing Liz Truss of sending mortgage costs “spiralling” with her mini-budget.
And in comments that will be seen as a swipe at the Labour mayor of Greater Manchester, Andy Burnham, Reeves said: “There are still those who peddle the idea that we could just abandon economic responsibility and cast off any constraints on spending.
“They are wrong – dangerously so – and we need to be honest about what that choice would mean.”
Burnham has continued his vocal criticism of Sir Keir Starmer during Labour’s conference and has not ruled out a leadership bid.
However, he prompted a backlash from some Labour MPs after he suggested ministers were “in hock to the bond markets” – a reference to the government’s self-imposed rules limiting spending and borrowing.
Despite dismissing the Tories as an “irrelevance”, Reeves repeatedly used the tagline: “Don’t ever let anyone tell you that there’s no difference between a Labour government and a Conservative government.”
Urging Labour activists to take “pride in what we are achieving”, she listed some of the party’s key pledges, including recruiting new neighbourhood police and opening school breakfast clubs.
It has been a torrid few months for the chancellor, who sparked a temporary rise in government borrowing costs in July following a tearful appearance in the Commons, amid speculation about whether she could keep her role.
Meanwhile, Reeves is facing pressure from some Labour MPs to increase spending, with many calling for the government to scrap the two-child benefit cap.
Ministers have hinted they could lift the cap in the Budget – a move which would cost an estimated £3.5bn a year.
In June the government also abandoned plans which would have cut nearly £5bn from the benefits bill, in the face of a major backbench rebellion.
However, delegates watching her conference speech in the main hall seemed determined to buoy the chancellor, with a standing ovation when she took to the stage and another when she addressed a protester holding a Palestinian flag interrupted her speech.
Reeves told the heckler: “We understand your cause and we are recognising a Palestinian state. But we are now a party in government, not a party of protest.”
Reeves also used her speech to criticise Reform UK, which has been topping opinion polls for several months, despite having only five MPs.
Labour has stepped up its attacks on the party at its conference.
“The single greatest threat to the way of life and to the living standards of working people is the agenda of Nigel Farage and the Reform Party,” the chancellor said.
“Whatever falsehoods they push, whatever easy answers they peddle, however willing they are to tear communities and families apart, they are not on the side of working people.”
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By Sheera Frenkel, Christina Thornell, Valentina Caval, Thomas Vollkommer, Jon Hazell and June Kim
February 14, 2026
Indian Railways has reached a global milestone in freight operations, securing its position as a premier international logistics hub. Union Minister for Railways, Ashwini Vaishnaw, announced today that the national carrier has achieved an unprecedented scale in its logistics division. Highlighting this achievement, the Minister stated, “Indian Railways has become the second-largest cargo carrier in the world.”
Building on this momentum, the Ministry has prepared a rigorous roadmap for the upcoming year aimed at systemic transformation. The government plans to roll out a series of weekly initiatives to modernise every facet of rail travel and transport. Vaishnaw explained the structured timeline, saying, “For 2026, Railways has resolved to implement 52 reforms in 52 weeks.”
The initial phase of this plan will prioritise the passenger experience, with a focus on improving the quality of onboard facilities. The Minister identified the primary starting point for this year-long agenda, noting, “The first reform is better onboard services in Railways.”
In addition to passenger amenities, the government is placing strong emphasis on the “Gati Shakti” initiative to streamline the nationwide movement of goods. This strategic focus is designed to strengthen the country’s supply chain. Vaishnaw confirmed the freight sector’s priority, adding, “The second concerns ‘Gati Shakti Cargo.’”
A cornerstone of the 2026 agenda is a comprehensive overhaul of sanitation and hygiene standards. The Ministry has developed a new blueprint to ensure that the rail network’s cleanliness meets global benchmarks. Detailing the specifics of the first major initiative, the Minister remarked, “Reform number one for 2026 will ensure proper end-to-end cleaning of the Railways… The concept of a clean rail station has been established.”
This cleanliness drive is not a short-term measure but a multi-year commitment to cover the entire Indian Railways fleet. The implementation will be phased to ensure thoroughness and consistency. Vaishnaw clarified the timeline, stating, “Over three years, this reform will be implemented across all trains.”
To ensure the success of these reforms, the Ministry is introducing a robust accountability framework. These measures will include performance-based contracts and the integration of modern digital tools to monitor progress in real time. Emphasising the shift towards professional and technology-driven management, the Minister concluded, “There will be clearly defined service-level agreements… There will be extensive use of technology.”
Craft beer brand BrewDog could be sold off after the company started the process to find new investors.
The Scottish beer brand recently announced plans to close all of its distilling brands, meaning it would no longer produce any of its spirits, including Duo Rum, Abstrakt Vodka, and Lonewolf Gin, at its distillery in Ellon, Aberdeenshire.
The company, which was founded in 2007, said it made the decision to focus on its beer brands, including the highly-popular Punk IPA, Elvis Juice, and Hazy Jane.
Now, in a statement, a spokesperson for BrewDog said the company had appointed Alix Partners to “support a structured and competitive process to evaluate the next phase of investment for the business.”
The statement said: “As with many businesses operating in a challenging economic climate and facing sustained macro headwinds, we regularly review our options with a focus on the long-term strength and sustainability of the company.
“Following a year of decisive action in 2025, which saw a focus on costs and operating efficiencies, we have appointed AlixPartners to support a structured and competitive process to evaluate the next phase of investment for the business. This is a deliberate and disciplined step with a focus on strengthening the long-term future of the BrewDog brand and its operations.”
Although no decisions have been made, a sale is under consideration.
In a statment BrewDog added: “BrewDog remains a global pioneer in craft beer: a world-class consumer brand, the No.1 independent brewer in the UK, and with a highly engaged global community. We believe that this combination will attract substantial interest, though no final decisions have been made.”
According to reports by Sky News, AlixPartners had begun sounding out prospective buyers in the last few days.
The company, which has 72 bars worldwide and four breweries in Scotland, the US, Australia, and Germany, said its breweries, bars, and venues will continue to operate as normal. It employs 1400 people across the organisation.
BrewDog’s founders James Watt and Martin Dickie are the company’s major shareholders alongside private equity company TSG, which invested £213 million in 2017, making it a 21 per cent shareholder.
In 2024, the beer brand grossed £357 million in sales, and it is a major independent brewer with 4 per cent market share in the UK grocery market.
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