In a landmark address setting out her economic vision, Chancellor Rachel Reeves has declared Britain's economic revival a "national mission" that will define the new Labour government's agenda.
The Treasury chief used her first major speech to outline ambitious plans for sweeping reforms aimed at breaking down barriers to growth and restoring Britain's economic stability after what she described as "14 years of chaos and economic irresponsibility."
Building a New Economic Foundation
Reeves announced immediate actions to kickstart the economy, including reinstating mandatory local housing targets and launching a comprehensive review of infrastructure planning. The Chancellor made clear that economic growth would be the "absolute priority" of Treasury policy moving forward.
"We face the legacy of 14 years of chaos and economic irresponsibility," Reeves told business leaders and journalists. "This will be a Labour government unashamedly pro-growth, pro-business, and pro-worker."
Tough Decisions Ahead
While ruling out increases to income tax, national insurance, or VAT, the Chancellor acknowledged that difficult choices await. Her economic strategy will involve:
- Reforming the planning system to accelerate infrastructure projects
- Introducing new fiscal rules to ensure economic stability
- Targeted investments in green energy and housebuilding
- Maintaining discipline on public spending
The speech positioned economic competence as the central pillar of Labour's governing philosophy, drawing clear distinctions with the previous Conservative administration's approach to public finances.
A New Chapter for British Business
Business leaders responded positively to the Chancellor's pro-growth message, with many expressing relief at the prospect of economic stability after years of political turbulence. The CBI and other industry groups welcomed the focus on planning reform and infrastructure investment.
However, Reeves cautioned that turning around the economy would require patience and perseverance. "This is the down payment on a new economic strategy," she stated, signalling that more detailed budget plans would follow in the coming months.
