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Evening Standard
  • 4 days ago
Chancellor Rachel Reeves refuses to comment on whether there will be tax hikes included in the upcoming budget. The Chancellor said she will do what is “right” rather than what would make her “popular”, leaving open the possibility of tax rises.

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00:00If we are to build the future of Britain together, we will all have to contribute to that effort.
00:10Each of us must do our bit for the security of our country and the brightness of its future.
00:17As I take my decisions on both tax and spend, I will do what is necessary to protect families
00:24from high inflation and interest rates, to protect our public services from a return to austerity,
00:31and to ensure that the economy that we hand down to future generations is secure, with debt under control.
00:39I understand the urge for easy answers.
00:43Politicians of recent years have become addicted to shelling out for short-term sticking-plaster solutions
00:50rather than making long-term economic plans.
00:54They were irresponsible then.
00:56And those who continue to push for easy answers are irresponsible now.
01:03The UK's national debt now stands at £2.6 trillion, equivalent to 94% of GDP.
01:13Before the mini-budget, our borrowing costs were in the middle of the pack compared to other advanced economies.
01:19But now, we have the highest borrowing costs of any G7 country.
01:23The Office of Budget Responsibility will make their forecasts at the end of this month.
01:28But let's be clear about what forecasts are.
01:33They are not visions of the future.
01:36They are a look in the rear-view mirror.
01:38The OBR rightly make their predictions based on the data that has gone before.
01:43But I do not believe that our past has to determine our future.
01:47All that a stuttering economy, poor productivity and falling living standards is somehow Britain's destiny.
01:53A brighter future is within our grasp.
01:57We were elected to break with the cycle of decline.
02:01And this government is determined to see that through.
02:04So we will go further and faster.
02:06On planning.
02:08On the industrial strategy.
02:10On reforming regulation.
02:12All to deliver growth throughout our economy in all parts of our country.
02:19We will bear down on waiting lists.
02:21On the cost of living.
02:22And on the national debt which compound these challenges.
02:25And when that requires hard choices we will act.
02:28Guided by the interests of working people.
02:32We were elected on a commitment to put country before party.
02:37The national interest before political calculation.
02:40And whatever challenges come our way.
02:43Whatever challenges come my way.
02:46We will not be swayed from that.
02:49At the budget this year I will continue to build the strong foundations to secure Britain's future.
02:55For a fairer Britain.
02:57A more prosperous Britain.
02:59A Britain with an economy that works for everyone.
03:03Thank you very much.
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