Spring Statement 2025 speech
Spring Statement 2025 speech as delivered by Chancellor Rachel Reeves.
Mr Speaker, [political content redacted].聽
To provide security for working people.聽
And to deliver a decade of national renewal.聽
That work began in July 바카라 사이트� and I am proud of what we have delivered in just nine months.聽
Restoring stability to our public finances바카라 사이트β犅�
바카라 사이트� giving the Bank of England the foundation to cut interest rates바카라 사이트β犅�
바카라 사이트� three times since the General Election.聽聽
Rebuilding our public services바카라 사이트β�
바카라 사이트� with record investment in our NHS바카라 사이트β�
바카라 사이트� bringing waiting lists down for 5 months in a row.聽聽聽
And increasing the National Living Wage바카라 사이트β�
바카라 사이트� to give 3 million people a pay rise from next week.聽聽
Now our task is to secure Britain바카라 사이트檚 future바카라 사이트β�
바카라 사이트� in a world that is changing before our eyes.聽聽
The threat facing our continent was transformed when Putin invaded Ukraine.聽
It has since escalated further바카라 사이트β犅�
바카라 사이트� and continues to evolve rapidly.聽聽
At the same time, the global economy has become more uncertain바카라 사이트β犅�
바카라 사이트� bringing insecurity at home바카라 사이트β�
바카라 사이트� as trading patterns become more unstable바카라 사이트β�
바카라 사이트� and borrowing costs rise for many major economies.聽聽
Mr Speaker, the job of a responsible government is not simply to watch this change.聽
This moment demands an active government.聽
A government not stepping back, but stepping up.聽聽
A government on the side of working people바카라 사이트β犅�
바카라 사이트� helping Britain to reach its potential.聽聽
We have the strengths to do just that바카라 사이트β�
바카라 사이트� as one of the world바카라 사이트檚 largest economies 바카라 사이트β�
바카라 사이트� an ally to trading partners across the globe바카라 사이트β犅�
바카라 사이트� and a hub for global innovation.聽聽
These strengths바카라 사이트β�
바카라 사이트� and the progress we have made so far바카라 사이트β�
바카라 사이트� mean we can act quickly and decisively in a more uncertain world바카라 사이트β�
바카라 사이트� to secure Britain바카라 사이트檚 future바카라 사이트β�
바카라 사이트� and to deliver prosperity for working people.聽
Mr Speaker, as I set out at the Budget last year바카라 사이트β�
바카라 사이트� I am today returning to the House to provide an update on our public finances바카라 사이트β�
바카라 사이트� supported by a new forecast from the independent Office for Budget Responsibility바카라 사이트β�
바카라 사이트� ahead of a full Spending Review in June.聽
I will then return to the House in the autumn to deliver a budget바카라 사이트β�
바카라 사이트� in line with our commitment to deliver just one major fiscal event a year.聽
So let me turn now to the OBR바카라 사이트檚 forecasts바카라 사이트β�
바카라 사이트� and I want to thank Richard Hughes and his team for their dedicated work.聽
The increased global uncertainty has had two consequences.聽
First, on our public finances.聽
And second, on our economy.聽
I will take each in turn.聽聽
In the autumn, I set out new fiscal rules that would guide this government.聽
These fiscal rules are non-negotiable.聽
They are the embodiment of this government바카라 사이트檚 unwavering commitment바카라 사이트β�
바카라 사이트� to bring stability to our economy바카라 사이트β�
바카라 사이트� and to ensure security for working people.聽
[political content redacted]
But we must earn that trust every single day.聽聽
The two fiscal rules that I set out at the Budget were바카라 사이트β�
First, our 바카라 사이트淪tability Rule바카라 사이트�, which ensures that public spending is under control바카라 사이트β�
바카라 사이트� balancing the current budget by 2029-30바카라 사이트β�
바카라 사이트� so that day-to-day spending is met by tax receipts.聽聽
Second, our 바카라 사이트淚nvestment Rule바카라 사이트� to drive growth in the economy바카라 사이트β�
바카라 사이트� ensuring that net financial debt falls by the end of the forecast period바카라 사이트β犅�
바카라 사이트� while enabling us to invest alongside business.聽
Turning first to the Stability Rule, the OBR바카라 사이트檚 forecast shows that바카라 사이트β�
바카라 사이트� before the steps that I will take in this statement바카라 사이트β犅�
바카라 사이트� the current budget would have been in deficit by 拢4.1bn in 2029-30바카라 사이트β�
바카라 사이트� having been in surplus by 拢9.9bn in the autumn바카라 사이트β犅�
바카라 사이트� as the UK, alongside our international peers like France and Germany바카라 사이트β�
바카라 사이트� has seen the cost of borrowing rise during this period of heightened uncertainty in global markets.聽
As a result of the steps that I am taking today바카라 사이트β�
바카라 사이트� I can confirm that I have restored in full our headroom against the 바카라 사이트渟tability rule바카라 사이트�바카라 사이트β犅�
바카라 사이트� moving from a deficit of 拢36.1bn in 2025-26 and 拢13.4bn in 2026-27바카라 사이트β�
바카라 사이트� to a surplus of 拢6.0bn in 2027-28, 拢7.1bn in 2028-29 and a surplus of 拢9.9bn in 2029-30.聽
[political content redacted]
That means that we are continuing to meet the Stability Rule two years early바카라 사이트β犅�
바카라 사이트� building resilience to shocks in this, a more uncertain world.聽聽
The OBR forecast that the 바카라 사이트渋nvestment rule바카라 사이트� is also met two years early바카라 사이트β�
바카라 사이트� with net financial debt of 82.9% of GDP in 2025-26 and 83.5% in 2026-27바카라 사이트β�
바카라 사이트� before falling from 83.4% in 2027-28, to 83.2% in 2028-29 and 82.7% in 2029-30바카라 사이트β犅�
바카라 사이트� providing headroom of 拢15.1bn in the final year of the forecast바카라 사이트β�
바카라 사이트� broadly unchanged from the autumn.聽聽
[political content redacted]
바카라 사이트� debt interest payments now stands at 拢105.2bn this year바카라 사이트β�
바카라 사이트� Mr Speaker, that is more than we allocate on Defence, the Home Office and Justice combined.聽
[political content redacted]
So the responsible choice is to reduce our levels of debt and borrowing in the years ahead바카라 사이트β�
바카라 사이트� so that we can spend more on the priorities of working people. And that is exactly what this government will do.聽
Mr Speaker.聽
I said that our fiscal rules were non-negotiable.聽
And I meant it.聽
I will always deliver economic stability.聽
And I will always put working people first.聽聽
[political content redacted]
I said it at the Budget.聽
And I say it again today.聽
Let me now set out the steps the government has taken.聽聽
At the Budget we protected working people바카라 사이트β�
바카라 사이트� by keeping our promise not to raise their rates of National Insurance, income tax or VAT.聽
At the same time, we began to rebuild our public services바카라 사이트β犅�
[political content redacted]
Ours were the right choices, the right choices for stability and the right choices for renewal바카라 사이트β�
바카라 사이트� funded by the decisions that we took on tax.聽聽
As I promised in the autumn, this Statement does not contain any further tax increases.聽聽
But when working people are paying their taxes, while still struggling with the cost-of-living바카라 사이트β犅�
바카라 사이트t cannot be right that others are still evading what they rightly owe in tax.聽聽
In the Budget, I delivered the most ambitious package of measures that we have ever seen바카라 사이트β�
바카라 사이트� to cut down on tax evasion바카라 사이트β�
바카라 사이트� raising 拢6.5bn per year by the end of the forecast.聽聽
Today, I go further바카라 사이트β�
바카라 사이트� continuing our investment in cutting-edge technology 바카라 사이트β�
바카라 사이트� investing in the HMRC바카라 사이트檚 capacity to crack down on tax avoidance바카라 사이트β�
바카라 사이트� and setting out plans to increase the number of tax fraudsters charged every year by 20%.聽
These changes raise a further 拢1bn바카라 사이트β�
바카라 사이트� taking the total revenue raised from reducing tax evasion under this [political content redacted] government to 拢7.5bn바카라 사이트β�
바카라 사이트� figures verified by the Office for Budget Responsibility바카라 사이트β犅�
바카라 사이트� and I want to thank my Honourable Friend the Exchequer Secretary for his continued work in this area.聽聽
Mr Speaker, last week my Right Honourable Friend the Secretary of State for Work and Pensions, set out this government바카라 사이트檚 plans to reform the welfare system.聽聽
[political content redacted]
We believe that if you can work, you should work바카라 사이트β�
바카라 사이트� but if you can바카라 사이트檛 work, you should be properly supported.聽聽
This government inherited a broken system.聽聽
More than 1,000 people are qualifying for Personal Independence Payments.聽
And 1 in 8 young people are not in employment, education or training.聽
If we do nothing, we are writing off an entire generation.聽聽
That cannot be right and we will not stand it.聽聽
It is a waste of their potential and it is a waste of their futures and we will change it.聽
As my Right Honourable Friend said in her statement last week바카라 사이트β�
바카라 사이트� the final costings would be subject to the OBR바카라 사이트檚 assessment.聽
Today, the OBR have said바카라 사이트β�
바카라 사이트� that they estimate the package will save 拢4.8bn in the welfare budget바카라 사이트β�
바카라 사이트� reflecting their judgements on behavioural effects and wider factors.聽
This also reflects final adjustments to the overall package바카라 사이트β�
바카라 사이트� consistent with the Secretary of State바카라 사이트檚 statement last week바카라 사이트β�
바카라 사이트� and the government바카라 사이트檚 Pathways to Work Green Paper.聽
The Universal Credit Standard Allowance will increase from 拢92 per week in 2025-26 to 拢106 per week by 2029-30바카라 사이트β�
바카라 사이트� while the Universal Credit Health element will be cut for new claimants by 50% and then frozen.聽聽
On top of this, we are investing 拢1bn to provide guaranteed, personalised employment support to help people back into work바카라 사이트β�
바카라 사이트� and 拢400m to support the Department for Work and Pensions and our Job Centres to deliver these changes effectively and fairly바카라 사이트β�
바카라 사이트� taking total savings after that for the package to 拢3.4bn.聽
Whilst spending on disability and sickness benefits will continue to raise, these plans聽
mean that welfare spending as a share of GDP will fall between 2026-27 and the end of the forecast period.聽聽
[political content redacted]
We are reforming our welfare system바카라 사이트β�
바카라 사이트� making it more sustainable바카라 사이트β�
바카라 사이트� protecting the most vulnerable바카라 사이트β�
바카라 사이트� and supporting more people back into secure work lifting them out of poverty.바카라 사이트兟�
Mr Speaker, at the Budget, I fixed the foundations of our economy to deliver on the promise of change.聽
That work has already begun.聽
2 million extra appointments in our NHS.聽
Waiting lists down.聽聽
New breakfast clubs opening across England.聽
The largest settlements in real terms for Scotland, Wales and Northern Ireland in the history of devolution.聽聽
Asylum costs, falling.聽
Promises made, promises kept.聽聽
[political content redacted]
At the Budget바카라 사이트β�
바카라 사이트� alongside providing an increase in funding for this year and next바카라 사이트β�
바카라 사이트� I set the envelope for the Spending Review바카라 사이트β�
바카라 사이트� which we will deliver in June바카라 사이트β�
led by my RHF the Chief Secretary to the Treasury聽
바카라 사이트� to set departmental budgets until 2028-29 for day-to-day spending바카라 사이트β�
바카라 사이트� and until 2029-30 for capital spending.聽聽
Today, I am reflecting two steps that we have taken in our spending plans.聽聽
First, because we are living in an uncertain world바카라 사이트β�
바카라 사이트� as the Prime Minister has set out바카라 사이트β�
바카라 사이트� we will increase defence spending to 2.5% of GDP, reducing overseas aid to 0.3% of Gross National Income.聽
This means we save 拢2.6bn in day-to-day spending in 2029-30바카라 사이트β�
바카라 사이트� to fund our more capital-intensive defence commitments.聽聽
Second, in recent months, we have begun to fundamentally reform the British state바카라 사이트β�
바카라 사이트� driving efficiency and productivity across government바카라 사이트β�
바카라 사이트� to deliver tangible savings바카라 사이트β�
바카라 사이트� and improve services across our country.聽
Earlier this month, the Prime Minister set out our plans to abolish the arms-length body NHS England바카라 사이트β�
바카라 사이트� and ensure that money goes directly to improving the service for patients.聽
My Right Honourable Friend the Health Secretary is driving forward vital reforms to increase NHS productivity바카라 사이트β�
바카라 사이트� bearing down on costly agency spend바카라 사이트β�
바카라 사이트� to save money so that we can improve patient care.聽
And my Right Honourable Friend the Chancellor of the Duchy of Lancaster is taking forward work to significantly reduce the costs of running government바카라 사이트β�
바카라 사이트� by 15%, worth 拢2bn, by the end of the decade.聽
This work shows that we can make our state leaner, and more agile바카라 사이트β�
바카라 사이트� delivering more resources to the frontline바카라 사이트β犅�
바카라 사이트� while ensuring we control day-to-day spending to meet our fiscal rules.聽
Today, I build on that work바카라 사이트β�
바카라 사이트� by bringing forward 拢3.25bn of investment바카라 사이트β�
바카라 사이트� to deliver the reforms that our public services need바카라 사이트β犅�
바카라 사이트� through a new Transformation Fund.聽聽
That is money brought forward now바카라 사이트β�
바카라 사이트� to bring down the costs of running government by the end of the forecast period바카라 사이트β犅犅�
바카라 사이트� by making public services more efficient, more productive and more foucssed on the user.聽
I can confirm today the first allocations from this fund바카라 사이트β�
바카라 사이트� including funding for Voluntary Exit Schemes to reduce the size of the Civil Service바카라 사이트β�
바카라 사이트� pioneering AI tools to modernise the state바카라 사이트β�
바카라 사이트� investment in technology for the Ministry of Justice to deliver probation services more effectively바카라 사이트β�
바카라 사이트� and up-front investment so we can support more children in foster care바카라 사이트β�
바카라 사이트� to give them the best possible start in life바카라 사이트β�
바카라 사이트� and reduce cost pressures in the future.聽
Our work to make government leaner바카라 사이트β�
바카라 사이트� more productive바카라 사이트β�
바카라 사이트� and more efficient바카라 사이트β�
바카라 사이트� will help deliver a further 拢3.5bn of day-to-day savings by 2029-30.聽
Overall, day-to-day spending will be reduced by 拢6.1bn by 2029-30바카라 사이트β犅�
바카라 사이트� and it will now grow by an average of 1.2% a year above inflation바카라 사이트β犅�
바카라 사이트� compared to 1.3% in the Autumn.聽
Mr Speaker, I can confirm to the House that day-to-day spending will increase in real terms, above inflation, in every single year of the forecast.聽聽
And in the Spending Review, apart from the reduction in overseas aid바카라 사이트β�
바카라 사이트� day-to-day spending across government has been fully protected.聽聽聽
I can also confirm our approach to capital investment.聽聽
In the Autumn Budget I announced 拢100bn of additional capital spending바카라 사이트β犅�
바카라 사이트� to crowd in investment from the private sector바카라 사이트β�
바카라 사이트� to fix our crumbling infrastructure바카라 사이트β犅�
바카라 사이트� and to create jobs in every corner of our country.聽
[political content redacted]
Today, I am instead increasing capital spending 바카라 사이트β�
바카라 사이트� by an average of 拢2bn per year compared to the Autumn바카라 사이트β犅�
바카라 사이트� to drive growth in our economy바카라 사이트β�
바카라 사이트� and to deliver in full our vital commitments on defence.聽
This government will ensure that every pound we spend will deliver for the British people바카라 사이트β�
바카라 사이트� by increasing productivity바카라 사이트β�
바카라 사이트� driving growth in our economy바카라 사이트β�
바카라 사이트� and improving our frontline public services.聽聽
Mr Speaker, let me turn now to the impact of increased uncertainty on our economy.聽
To deliver economic stability, we must work closely with the Bank of England바카라 사이트β�
바카라 사이트� supporting the independent Monetary Policy Committee to meet their 2% inflation target.聽聽
There have been three interest rate cuts since the General Election and today바카라 사이트檚 data showed that inflation fell in February.聽
[political content redacted]
바카라 사이트� the OBR forecast that CPI inflation will average 3.2% this year바카라 사이트β�
바카라 사이트� before falling rapidly to 2.1% in 2026 and meeting the 2% target from 2027 onwards바카라 사이트β�
바카라 사이트� giving families and businesses the security that they need바카라 사이트β�
바카라 사이트� and providing our economy with the stable platform it needs to grow.聽
Mr Speaker바카라 사이트β�
바카라 사이트� earlier this month, the OECD downgraded this year바카라 사이트檚 growth forecast for every G7 economy, including the UK.聽
And the OBR have today revised our growth forecast for 2025바카라 사이트β�
바카라 사이트� from 2% in the autumn바카라 사이트β�
바카라 사이트� to 1% today.聽
I am not satisfied with these numbers.聽
That is why we on this side of the house are serious about taking the action needed to grow our economy.聽聽
Backing the builders, not the blockers바카라 사이트β犅�
바카라 사이트� with a third runway at Heathrow Airport바카라 사이트β�
바카라 사이트� and the Planning and Infrastructure Bill.聽聽
Increasing investment바카라 사이트β�
바카라 사이트� with reforms to our pension system바카라 사이트β�
바카라 사이트� and a new National Wealth Fund.聽聽
And tearing down regulatory barriers바카라 사이트β�
바카라 사이트� in every sector of our economy.聽
That is a serious plan for growth.聽
That is a serious plan to improve living standards.聽聽
That is a serious plan to renew our country.聽聽
Mr Speaker, a changing world presents challenges.聽聽
But it also presents new opportunities.聽聽
For new jobs.聽
바카라 사이트� and new contracts바카라 사이트β�
바카라 사이트� in our world-class defence industrial centres바카라 사이트β�
바카라 사이트� from Belfast to Deeside, and from Plymouth to Rosyth.聽
In February, the Prime Minister set out our government바카라 사이트檚 commitment to increase spending on defence to 2.5% of GDP from April 2027바카라 사이트β�
The biggest sustained increase in defence spending since the end of the Cold War聽
바카라 사이트nd an ambition to spend 3% of GDP on defence in the next parliament.聽
That was the right decision in a more insecure world바카라 사이트β�
바카라 사이트� putting an extra 拢6.4bn into defence spending by 2027.聽
But we have to move quickly in this changing world.聽
And that starts with investment.聽
So today I can confirm that I will provide an additional 拢2.2bn for the Ministry of Defence in the next financial year바카라 사이트β�
바카라 사이트� a further downpayment on our plans to deliver 2.5% of GDP by 2027.聽聽
This additional investment is not just about increasing our national security바카라 사이트β犅�
바카라 사이트� but increasing our economic security, too.聽聽
As defence spending rises, I want the whole country to feel its benefits.聽
So I will set out the immediate steps that we are taking to boost Britain바카라 사이트檚 defence industry바카라 사이트β�
바카라 사이트� and to make the UK a defence industrial superpower.聽聽
We will spend a minimum of 10% of the Ministry of Defence바카라 사이트檚 equipment budget on novel technologies 바카라 사이트β�
바카라 사이트� including drones and AI enabled technology바카라 사이트β�
바카라 사이트� driving forward advanced manufacturing production in places like Glasgow, in Derby and in Newport바카라 사이트β�
바카라 사이트� creating demand for highly skilled engineers and scientists바카라 사이트β�
바카라 사이트� and delivering new business opportunities for UK tech firms and start-ups.聽聽
We will establish a protected budget of 拢400m within the Ministry of Defence바카라 사이트β�
바카라 사이트� a budget that will rise over time for UK Defence Innovation바카라 사이트β�
바카라 사이트� with a clear mandate to bring innovative technology to the front line at speed.聽
We will reform our broken defence procurement system바카라 사이트β�
바카라 사이트� making it quicker, more agile and more streamlined바카라 사이트�.聽
바카라 사이트� and giving small businesses across the UK better access to Ministry of Defence contracts.聽
Something welcomed by the Federation of Small Businesses.聽
We will take forward our Plan for Barrow, a town at the heart of our nuclear security바카라 사이트β�
바카라 사이트� working with my Honourable Friend the Member for Barrow and Furness바카라 사이트β犅�
바카라 사이트� and providing 拢200m, supporting the creation of thousands of jobs there.聽
We will regenerate Portsmouth naval base, securing its future바카라 사이트β犅犅�
바카라 사이트� as called for by my Honourable Friend the Member for Portsmouth South.聽
We will secure better homes for thousands of military families바카라 사이트� the homes that they deserve [political content redacted].聽
바카라 사이트� homes for our military families in the constituencies of my Honourable Friends for Plymouth Moor View, Plymouth Sutton & Devonport, York Outer and in Aldershot.聽聽
That is the difference that this [political content redacted] government is making.聽聽
Finally, Mr Speaker, we will provide 拢2bn of increased capacity for UK Export Finance바카라 사이트β�
바카라 사이트� to provide loans for overseas buyers of UK defence goods and services바카라 사이트β�
Because I want to do more with our defence budget so we can buy and make and sell things here in Britain.聽聽
바카라 사이트� giving further opportunities for our world leading defence companies and those who work in them바카라 사이트β�
바카라 사이트� to grow and create jobs here in Britain바카라 사이트β�
바카라 사이트� as military spending rises right across Europe.聽聽
To oversee all of this vital work바카라 사이트β�
바카라 사이트� my Right Honourable Friend the Defence Secretary and I will establish a new Defence Growth Board바카라 사이트β�
바카라 사이트� to maximise the benefits from every pound of taxpayers바카라 사이트� money that we spend.聽
And we will put defence at the heart of our modern industrial strategy바카라 사이트β�
바카라 사이트� to drive innovation that can deliver huge benefits back into the British economy.聽
Mr Speaker, that is how we make our country a defence industrial superpower바카라 사이트β�
바카라 사이트� so the skills of the future바카라 사이트β�
바카라 사이트� the jobs of the future바카라 사이트β�
바카라 사이트� and the opportunities of the future바카라 사이트β�
바카라 사이트� can be found right here in the United Kingdom.聽聽
Mr Speaker, [political content redacted] there are no shortcuts to economic growth.聽
It will take long-term decisions.聽聽
It will take hard yards.聽
It will take time for the reforms that we are introducing to be felt in the everyday economy.聽
It is right that the Office for Budget Responsibility consider the evidence바카라 사이트β�
바카라 사이트� and look carefully at measures before recognising a growth impact in their forecast.聽聽
But, Mr Speaker, I can announce to the House바카라 사이트β犅�
바카라 사이트� that the OBR have considered 바카라 사이트� and have scored 바카라 사이트� one of the central planks of our plan for growth.聽聽
In my first week as Chancellor, I announced that we were pursuing the most ambitious set of planning reforms in decades바카라 사이트β�
바카라 사이트� to get Britain building again.聽
And in December - we published changes to the National Planning Policy Framework바카라 사이트β�
바카라 사이트� driven forward tirelessly by my Right Honourable Friend the Deputy Prime Minister바카라 사이트β犅�
바카라 사이트� reintroducing mandatory housing targets바카라 사이트β�
바카라 사이트� and bringing 바카라 사이트済rey belt바카라 사이트� land into scope.聽聽
The OBR have today concluded that these reforms will permanently increase the level of real GDP바카라 사이트β�
바카라 사이트� by point 0.2% by 2029-30바카라 사이트β�
바카라 사이트� an additional 拢6.8bn in our economy바카라 사이트β�
바카라 사이트� and by point 0.4% of GDP within 10 years바카라 사이트β�
바카라 사이트� an additional 拢15.1bn in our British economy.聽
Mr Speaker, that is the biggest positive growth impact that the OBR have ever reflected in their forecast, for a policy with no fiscal cost.聽聽
And taken together with our plans to increase capital spending that we set out in the Budget last year바카라 사이트β�
바카라 사이트� this government바카라 사이트檚 policies will increase the level of real GDP by point 0.6% in the next ten years.聽聽
Mr Speaker, that is the difference that this [political content redacted] government is making.聽
Policies to grow our economy.
[political content redacted]
The OBR have concluded that our reforms will lead to housebuilding reaching a forty-year high바카라 사이트β�
바카라 사이트β� of 305,000 a year by the end of the forecast period.聽聽
And changes to the National Planning Policy Framework alone바카라 사이트β�
바카라 사이트� will help build over 1.3 million homes in the UK over the next five years바카라 사이트β�
바카라 사이트� taking us within touching distance바카라 사이트β犅�
바카라 사이트� of delivering our manifesto promise to build 1.5 million homes in England in this parliament.聽
[political content redacted]
The impact on our economy goes further still.聽聽
[political content redacted]
We need economic growth.聽聽
So I can today confirm바카라 사이트β�
바카라 사이트� that the effect of our growth policies바카라 사이트β�
바카라 사이트� including our planning reforms바카라 사이트β�
바카라 사이트� means an additional 拢3.4 billion to support our public finances and our public services by 2029-30.聽
The proceeds of growth.聽
[political content redacted]
Mr Speaker, earlier this week바카라 사이트β犅�
바카라 사이트� we provided an additional 拢2bn of investment in social and affordable homes next year바카라 사이트β�
바카라 사이트� delivering up to 18,000 new homes바카라 사이트β�
바카라 사이트� and allowing local areas to bid for new developments across our country바카라 사이트β�
바카라 사이트� including sites in Thanet, in Sunderland and in Swindon.聽聽
More security for families across our country.聽
[political content redacted]
And to build these new homes바카라 사이트β�
바카라 사이트� we need people with the right skills.聽
Earlier this week, my Right Honourable Friend the Education Secretary announced more than 拢600m바카라 사이트β�
바카라 사이트� to train up 60,000 more construction workers바카라 사이트β犅�
바카라 사이트� including with 10 new Technical Excellence colleges across every region of our country바카라 사이트β�
바카라 사이트� giving working people the chance to fulfil their potential.聽聽
New opportunities for our young people.聽
[political content redacted]
Mr Speaker, all this is just the start.聽聽
The Planning and Infrastructure Bill passed its second reading on Monday.聽
[political content redacted]
Once this Bill completes its passage바카라 사이트β�
바카라 사이트� it will help deliver the homes and infrastructure our country badly needs.聽
[political content redacted]聽
And today, I can confirm to the House바카라 사이트β�
바카라 사이트� that the OBR have upgraded their growth forecast next year바카라 사이트β�
바카라 사이트� and every single year thereafter바카라 사이트β犅�
바카라 사이트� with GDP growth of 1.9% in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029.聽聽
Mr Speaker,聽
By the end of the forecast바카라 사이트β�
바카라 사이트� our economy is larger compared to the OBR바카라 사이트檚 forecast at the time of the Budget.
[political content redacted]
But Mr Speaker, this isn바카라 사이트檛 just about lines on a graph.聽
It is about improving people바카라 사이트檚 lives.聽
Working people are still feeling the pinch after a cost of living crisis [political content redacted] that saw prices spiral.聽
So I am pleased that the OBR confirm today 바카라 사이트β�
바카라 사이트� that Real Household Disposable Income바카라 사이트β犅�
바카라 사이트� will now grow this year at almost twice the rate expected in the autumn.聽聽
[political content redacted]
바카라 사이트� and after taking into account inflation바카라 사이트β�
바카라 사이트� the OBR say today바카라 사이트β�
바카라 사이트� that people will be on average over 拢500 a year better off under this [political content redacted] government.聽
That will mean more money in the pockets of working people. Higher living standards.聽
[political content redacted]
Mr Speaker, the world is changing.聽
We can see that바카라 사이트β�
바카라 사이트� and we can feel it.聽
A changing world demands a government that is on the side of working people.聽
Acting in their interest.聽
Acting in the national interest.聽聽
Not retreating from challenges.聽聽
Not stepping back.聽聽
But a government with the courage to step up바카라 사이트β犅�
바카라 사이트� to secure Britain바카라 사이트檚 future바카라 사이트β犅�
바카라 사이트� and to seize the opportunities that are out there before us.聽
I am impatient for change, the British people are impatient for change, [political content redacted].
And we are beginning to see change happen.聽聽
Our Plan for Change is working.聽
Defence spending is rising.聽
Waiting lists are falling.聽
Wages are up.聽聽
Interest rates are cut.聽
[political content redacted]
And today, Mr Speaker바카라 사이트β�
바카라 사이트� the OBR confirm바카라 사이트β�
바카라 사이트� that our plan to get Britain building바카라 사이트β�
바카라 사이트� will drive growth in our economy바카라 사이트β�
바카라 사이트� and put more money in people바카라 사이트檚 pockets.聽
There are no quick fixes.聽
But we have taken the right choices.聽聽
[political content redacted]
Delivering security for our country and security for working people.聽聽
That is what drives this government.聽
That is what drives me as Chancellor.聽
And that is what drives the choices that I have set out today.聽聽
And I commend this statement to the House.