Chancellor Rachel Reeves is taking immediate action to fix the foundations of our economy

The previous week, the citizens of Britain decided to make a difference through their votes.

In the past three days, I have started the task needed to fulfill that responsibility.

Our statement of beliefs was straightforward:

Continuous economic expansion is the key to enhancing the country's overall wealth and the quality of life for individuals in the workforce.

In the past, governments have been hesitant to make tough choices in order to achieve economic growth...

... or have procrastinated too much to take action...

I will not delay or hold back.

We are focused on expanding and evolving as a country. It is our top priority.

There is no time to spare.

Today, I would like to discuss the initial actions that have been implemented to improve the basic structures of our economy.

In order to improve the overall conditions in our nation, we must work together to revitalize Britain and enhance the well-being of all regions.

Before we dive into the topic, I want to talk about the inheritance.

I have continuously cautioned that the winner of the general election would be faced with the most challenging situation since World War II.

In the last three days, everything I have witnessed has only served to reinforce my beliefs.

Our economy has been hindered by delayed choices and avoided decisions.

Personal political gain taking precedence over the greater good of the country.

A government prioritizes their political party over the well-being of the country.

We are dealing with the consequences of fourteen years of disorder and financial mismanagement.

That's why this weekend I told Treasury officials to analyze our spending situation so I can fully grasp the task at hand. I will share this information with Parliament before the summer break.

This blog post will be different from the upcoming Budget that will be happening later this year. I will announce the exact date of the Budget, along with a prediction from the Office for Budget Responsibility, at a later time.

Every government must make tough decisions, and I will not hesitate to make them.

The decisions are more difficult to make because there is a lack of economic growth needed to not only maintain financial stability but also to enhance quality of life.

I recently received a new report from the Treasury that highlights how the UK economy could have been £140 billion larger if it had grown at the same rate as other OECD countries over the past 13 years.

This could have generated an extra £58 billion in tax income just last year. That amount of money could have rejuvenated our schools, hospitals, and other government services.

Progress demands making tough decisions, decisions that past leaders have avoided.

Now it is up to [political content removed] to address the underlying issues.

We must act quickly.

We have pledged to implement a fresh strategy for expansion that is suitable for the evolving world.

This strategy will be based on three main principles - stability, investment, and reform.

First, let's talk about stability.

Before the general election, I outlined the important initial actions in our economic strategies.

To achieve financial stability, in order to expand our economy and maintain minimal taxes, inflation, and mortgage rates.

And we will stand by that promise.

I made sure to stress this promise during a discussion with the Governor of the Bank of England last Friday, and I plan to do the same when I meet with the chair of the Office for Budget Responsibility later this week.

These organizations are essential to maintaining our financial security and I will not be taking advantage of them.

During the weekend, I assured Treasury officials that we will uphold the promises made in our manifesto and ensure they are fulfilled.

This consists of strong financial regulations.

This includes our promise to not raise National Insurance, as well as the basic, higher, or additional rates of Income Tax, or VAT.

I understand that some people may say that it's no longer necessary to be cautious.

Having a strong presence in Parliament gives us the freedom to deviate from the principles of fiscal discipline and financial responsibility.

I understand that some may be surprised to hear me say this, especially considering recent events. However, I believe that it is important for a party to follow through on the pledges they make during their election campaign, and that is exactly what we intend to do in office.

We deeply value the trust of voters who have been let down in the past by careless actions, lack of accountability, and risky behavior.

For the investors and companies who have been unsure for fourteen years about whether Britain is a secure place to invest, I want to assure you:

After fourteen years, the United Kingdom now has a strong and reliable government. This government values and supports businesses, looks to collaborate with them, and welcomes business opportunities.

In a world full of unknowns, Britain is a great place to conduct business.

Now, let's discuss how we can encourage private investment, which is crucial for our success.

[Political content excluded] ...plans to introduce a new National Wealth Fund, with a focus on investing in emerging industries to stimulate private sector investment.

In March, Mark Carney, the ex-governor of the Bank of England, accepted to head a Taskforce to develop a new National Wealth Fund.

Today, I can confirm that I have received the Taskforce's report and will soon be revealing the upcoming actions.

Investment should be accompanied by changes and improvements.

The main issue is not whether we desire growth, but rather how determined we are - how willing we are to make difficult decisions and confront powerful interests.

How ready is the government to endure temporary political backlash in order to address the underlying issues facing Britain.

Over the past fourteen years, there has been a consistent avoidance of facing difficult and necessary choices.

This administration will stand out.

There is no time to lose.

Decisive reform is needed most urgently in our planning system.

Changes to the planning system are often seen as a symbol of politicians being too cautious when it comes to challenging powerful groups that benefit from the current system. They are also seen as hindering economic progress.

Our outdated planning system causes many crucial projects to be delayed by excessive bureaucracy for years before any progress is made.

We made sure that planning reform was a key focus of our political discussions, and we delivered on that promise.

We promised to tackle the challenges of planning reform head-on, and we are actively working towards that goal.

Today, I can inform you that progress is being made.

During the weekend, I had a meeting with the Prime Minister and the Deputy Prime Minister to discuss the immediate steps required to improve our planning system.

Today, I am working with the Deputy Prime Minister to quickly implement the plans of this government to boost the economy and promote growth.

And we must quickly take action to create the necessary foundation that is required, which includes constructing one and a half million residences within the next five years.

The system requires a fresh indication. This is the one.

Initially, we will update the National Planning Policy Framework, seeking feedback on a new strategy that prioritizes growth in the planning process before the month is over. This revision will involve reinstating required housing goals.

Starting today, we are lifting the unreasonable restriction on new onshore wind farms in England. Additionally, we are considering including onshore wind projects in the Nationally Significant Infrastructure Projects process, which would allow for national decision-making on major developments rather than local authorities making the decisions.

Next, we will focus on energy projects within the system to make sure they move forward quickly.

...and we will expand the spatial plan for Energy to include other infrastructure sectors.

Next, we plan to establish a task group to speed up the development of housing projects that have come to a standstill in our nation.

Starting from Liverpool Central Docks, Worcester Parkway, Northstowe, and Langley Sutton Coldfield, a total of over 14,000 residences are being developed.

In addition, we will provide assistance to local governments by deploying 300 extra planning officers nationwide.

Additionally, in order to prioritize growth in our planning system, it is imperative to make alterations not just to the system itself, but also to the methods through which ministers utilize their authority to intervene directly.

The Deputy Prime Minister stated that when she steps in to make decisions about economic planning, she will prioritize the advantages of development. She also emphasized that she will not hesitate to reevaluate an application if it has the potential to significantly benefit the local and national economies.

... and I support her choice to review and address two planning appeals for data centers in Buckinghamshire and Hertfordshire.

To make this new method easier, the Deputy Prime Minister will also send letters to local mayors and the Office for Investment. They want to make sure that any investment opportunities with significant planning factors are brought to their attention as well as mine.

The Deputy Prime Minister will send letters to Local Planning Authorities in addition to the National Planning Policy Framework consultation, outlining what their new responsibilities will be.

...which will cover all local plans and assess greenbelt boundaries. The focus will be on utilizing Brownfield and grey belt land for construction in order to achieve housing goals as required.

Our essential guidelines will ensure that the progress achieved will enable us to provide numerous affordable housing units, including those designated for social rental purposes.

Next, in addition to creating new housing opportunities, we will also revamp the planning process to provide the necessary infrastructure for our nation.

As a united front, we will urge the Secretaries of State for Transport and Energy Security and Net Zero to give priority to addressing long-standing issues with infrastructure projects.

Lastly, we will announce our new plans for important infrastructure in the next few months, before revising the appropriate National Policy Statements by the end of the year.

I am aware that there will be resistance to this.

I am not ignorant of that;

It's important to recognize that there are always trade-offs to consider. Any new development can potentially have negative impacts on the environment, strain local services, and lead to objections from the community.

However, we refuse to conform to a stagnant situation where trade-offs are always dismissed and the national interest is placed below other objectives.

We will take those difficult decisions in order to achieve that goal.

Rest assured, we are committed to reviving the construction industry in Britain.

We plan to stimulate the growth of the economy in Britain.

And we must not dawdle.

We will stop the indecision and take the required steps to repair the base.

We are going to implement a new industrial strategy that focuses on generating quality jobs and promoting investment in every part of our society.

We are going to improve our skills system to better align with the evolving landscape of employment.

We will address the issue of people not working in the economy and help them find employment.

We will tackle the challenging task of modernizing our public services to ensure they are prepared for the future.

We will collaborate closely with our national, regional, and local authorities to drive economic development in all areas of the UK.

Next, we will focus on the retirement savings program in order to encourage more investments in local businesses and increase the returns for those saving for retirement.

I understand that gaining the trust of voters is not something that can be achieved by using catchy phrases or gimmicks. It can only be earned through taking action and actually delivering results.

The department I oversee is moving forward with that approach.

I was given this position just a little over 3 days ago.

As soon as I got there, I informed the Treasury employees that we needed to start working right away.

The task has started.

I asked HMT officials to analyze the economic growth that has been lost over the past 14 years, and I have shared their findings in today's blog post.

I have asked the Treasury officials to evaluate how we are spending our money and to share their findings with Parliament before the summer break.

I teamed up with the Prime Minister to get everything ready for creating a Growth Mission Board. This board will gather before summer break to concentrate on boosting our country's economy and success.

I have created a new team focused on growth initiatives within the Treasury's central office.

I have just been given the suggestions from the National Wealth Fund Taskforce and will be announcing our next moves very soon.

There are countless activities to engage in.

more difficult choices to make

You have placed your faith in us.

We will show our appreciation for the trust you have given us.

The efforts towards ten years of revitalizing the nation have commenced.

Time is of the essence.

And we've only just begun.

Thanks a lot.