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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