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In the latest financial plan, appropriate selections were enacted for Britain, cutting the cost of energy with a £150 reduction in charges, safeguarding the health service and combating the problem of impoverished children by scrapping the two-child restriction. We also ensured that the income generated through taxes was done equitably, with each person chipping in but those with the largest means bearing an appropriate burden.

As a result of the choices we made, the budget established a firmer financial footing, curbing inflationary pressures and sovereign debt returns. This is essential for securing our public services, when one pound in every ten expended by government goes on borrowing costs.

Building on Economic Foundations

The plan reinforces the action we have already taken to improve the economy: allocating £120 billion in additional funding in such things as highways, railways and utilities; introducing significant overhaul measures in a generation to back builders, not blockers; supporting the expansion of Heathrow and Gatwick; and establishing trading partnerships with the EU, India and the US.

In combination, these have allowed us to outperform our expansion estimates.

Revitalizing Our Country

As I outlined at the party conference, the government’s purpose is nothing less than the renewal of our financial system, our localities and our government. By doing that, we will end decline and restore faith in our country.

We will take on those on the left and right who only offer dissatisfaction and whose approach would lead to further decline. Allow me to state unequivocally, ramping up deficit spending or returning us to austerity – that is the approach of deterioration and I cannot endorse it.

A Comprehensive Growth Mission

Through remarks coming soon, I will situate the financial plan within the broader financial revitalization on which the government will be evaluated upon conclusion of this parliament.

For us to realize the countrywide revitalization we seek, we must do more to promote development, to address idleness among young people and to aim for stronger worldwide collaboration with our trading partners.

Regulatory Reform Initiative

Our growth mission will include a reinforced attention on eliminating needless bureaucracy. Frequently it was those on the left who have favored regulation, but there is nothing progressive in regulations which serve only to increase the cost of living for the poorest, to impede commercial development unnecessarily, or prevent a Labour government achieving its aims.

Hence the rationale I am asking the business secretary to address the category of unnecessary embellishment and unnecessary red tape that add to costs and impede our industrial strategy.

Benefits System Overhaul

Economic renewal also demands that we must continue to modernize the benefits system. We inherited a failing system that caused youngsters to lack basic nutrition and which discarded youth as unfit for labor.

We must not accept either part of that ineffective right-wing framework. This explains we will do more to assist youth in realizing their capabilities.

Since when individuals are overlooked in your early career, if you are refused the help you need to address psychological challenges, or if you are just discounted because you are experiencing cognitive variations or handicaps, then it can trap you in a cycle of unemployment and reliance for decades.

This creates economic costs, is bad for our productivity, but considerably more crucially, it eliminates prospects and disregards ability. Any reformist leadership worthy of the name cannot ignore that.

This is the reason we have appointed an ex-health minister to make practical recommendations to help young people with wellbeing challenges secure jobs, training or education – guaranteeing they receive assistance to prosper rather than marginalized.

International Trade Enhancement

Finally, we have to do more to help our businesses conduct global commerce. No plausible financial outlook for Britain that does not place us as a welcoming, business-oriented country.

We have to address the reality that the mishandled separation arrangement significantly hurt our economy. It isn't necessary to have a PhD in economics to know that erecting unnecessary trade barriers with your primary business associate will hinder development and boost prices.

Thus an aspect of our economic renewal will be maintaining progress in the direction of a stronger commercial partnership with the EU. Should we obtain less expensive nourishment, improve development and produce work opportunities by having a closer relationship with the EU, we should.

A Substantial Strategy for Significant Challenges

A budget based on fair choices for Britain must be supported by resolve to achieve the economic renewal that the country needs.

Via executing a major, confident protracted program, not a set of short-term remedies, we will rejuvenate the country. We need to transform once more a substantial population, with a serious government, able collectively to undertake challenging tasks to retake charge of our prospects.

By having a clear mission to revitalize our commerce, our neighborhoods and our government, we will deliver the change we promised – and then be judged on it at the next election.