UK Finance Minister Rachel Reeves pledges most 'pro-growth, pro-business' government the country has seen

LONDON — U.K. Finance Minister Rachel Reeves said Friday that the new Labour government would be the most pro-growth and pro-business the country has seen.

Reeves told CNBC that it was only through wealth creation that the living standards of ordinary Britons would be improved and more money would be available to invest in public services.

"This is going to be the most pro-growth, pro-business Treasury that this country has ever seen," Reeves, who is chancellor of the exchequer, told CNBC's Steve Sedgwick via remote interview.

"I will work with business to make sure we're doing all we can to bring wealth creation, to bring business investment to the U.K. economy," she added.

Reeves, who has been in post for three weeks following Labour's landslide victory in the U.K.'s July 4 general election, was speaking from Rio de Janeiro where she is attending a meeting of G20 finance ministers.

The chancellor said she has already met with business leaders who are interested in doing business in the U.K. She acknowledged, however, that businesses needed more clarity on taxation.

On Monday, Reeves will outline the results of an audit of the Treasury, in which she is expected to reveal a £20 billion ($25.7 billion) black hole in the public finances.

The announcement could pave the way for a tax-rising autumn budget, the first major fiscal event of the new government. The date of the financial plan will also be announced Monday.

Reeves declined to comment on the precise details, saying "issues around taxes are rightly for the budget." But she added that she wants to ensure Britain has a "competitive tax system."

"I want taxes to be as low as possible, but unlike the previous government I'm not going to make promises that I'm not able to keep,