Spring Statement: Opening remarks from Chancellor Rachel Reeves

Transcript

00:00Mr. Speaker, this Labour government was elected to bring change to our country, to provide

00:08security for working people and to deliver a decade of national renewal. That work began

00:16in July and I am proud of what we have delivered in just nine months. Restoring stability to

00:23our public finances, giving the Bank of England the foundation to cut interest rates three

00:30times since the general election. Rebuilding our public services with record investment

00:37in our NHS, bringing waiting lists down for five months in a row and increasing the national

00:45living wage to give 3 million people a pay rise from next week. Now our task is to secure

00:54Britain's future in a world that is changing before our eyes. The threat facing our continent

01:02was transformed when Putin invaded Ukraine. It has since escalated further and will continue

01:09to evolve rapidly. At the same time, the global economy has become more uncertain, bringing

01:16insecurity at home as trading patterns become more unstable and borrowing costs rise for

01:23many major economies. The job of a responsible government is not simply to watch this change.

01:31This moment demands an active government, a government not stepping back but stepping

01:37up. A government on the side of working people, helping Britain to reach its potential. We

01:47have the strength to do just that, as one of the world's largest economies, an ally

01:52to trading partners across the globe and a hub for global innovation. These strengths

02:00and the progress that we have made so far mean that we can act quickly and decisively

02:05in a more uncertain world to secure Britain's future and to deliver prosperity for working

02:12people.