Chancellor: ‘I will take the difficult decisions to deliver growth’

Rachel Reeves: ‘No time to waste’

• Chancellor Rachel Reeves will vow to “fix the foundations of Britain’s economy” to make every part of Britain better off.
• In her first major speech, the Chancellor will declare economic growth is “a national mission” and promise to take the tough decisions to deliver on the Government’s mandate.
• She is expected to announce swift changes to unblock infrastructure and private investment.

The Government will take the difficult decisions to deliver growth, Rachel Reeves will say in her first speech as Chancellor today.

Business leaders from some of Britain’s most pioneering industries – including its financial services and green industries – are expected to be in attendance in central London to hear Ms Reeves vow to “fix the foundations of our economy so we can rebuild Britain and make every part of our country better off.”

Rachel Reeves will say there is “no time to waste” on delivering change, pledging to reverse “the legacy of fourteen years of chaos and economic irresponsibility”.

The Chancellor is expected to say: ““Last week, the British people voted for change. And over the past 72 hours I have begun the work necessary to deliver on that mandate.

“Our manifesto was clear: ‘Sustained economic growth is the only route to improving the prosperity of our country and the living standards of working people.’

“Where governments have been unwilling to take the difficult decisions to deliver growth – or have waited too long to act – I will deliver.

“It is now a national mission. There is no time to waste.

“This morning I want to outline the first steps this new government has taken to fix the foundations of our economy, so we can rebuild Britain and make every part of our country better off.

“We face the legacy of fourteen years of chaos and economic irresponsibility. 

“New Treasury analysis I requested over the weekend exposed the opportunities lost from this failure.

“Had the UK economy grown at the average rate of OECD economies since 2010, it would have been over £140 billion larger.

“This could have brought in an additional £58 billion in tax revenues last year alone to sustain our public services.

“It falls to this new Government to fix the foundations.”