The Labour party in Britain has urged for “iron discipline” in the economy amid rising state debt.

Finance Minister Rachel Reeves, the first woman to be named Britain’s chancellor of the Exchequer, stated that her first budget next month will encourage business investment for “lasting growth.”

She reiterated Labour’s pre-election promise that workers would not face tax increases on their salaries, paving the way for other tax hikes.

Reeves also pledged “no return to austerity” as seen under Conservative rule, a mantra repeated by Labour figures at its first annual gathering in power since 2009.