Rachel Reeves sets out economic priorities as she confirms date of next Budget
Rachel Reeves sets out economic priorities as she confirms date of next Budget
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Chancellor of the Exchequer Rachel Reeves has confirmed that the Government will use its forthcoming Budget to focus on long-term reforms aimed at boosting growth and ensuring Britain’s economy “works for working people.”
In a video message posted this morning, Reeves said the country has “huge potential” but acknowledged that households continue to face significant financial pressure.
“Britain’s economy isn’t broken. But I know it’s not working well enough for working people,” she said. “Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change.”
The Chancellor highlighted the progress made over the past year in what she described as “fixing the foundations.” Measures already delivered include raising the National Living Wage for three million people, cutting NHS waiting lists, committing to build 1.5 million new homes through planning reform, securing billions in infrastructure investment, and striking new trade deals with the US, India and the EU.
“Our stewardship of the economy has also helped the Bank of England cut interest rates five times, which means lower mortgage payments and cheaper borrowing for families and businesses,” she added.
But Reeves stressed that she is “not satisfied,” pointing to ongoing cost of living pressures and the need to maintain fiscal discipline. “We must bring inflation and borrowing costs down by keeping a tight grip on day to day spending through our non-negotiable fiscal rules,” she said.
The Chancellor argued that investment and reform would be the key tools in delivering renewal and growth, pledging to prioritise “more pounds in your pocket, an NHS there when you need it, and opportunity for all.”
“With the foundations repaired and stability restored, the next Budget will turn to the long-term reforms Britain needs to unlock growth and ensure it works for working people,” Reeves said.
The Budget date has been set for 26th November.
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