UK Finance Minister Rachel Reeves faces a critical moment as she prepares a tax-heavy budget that has unsettled businesses and raised concerns in financial markets. With bond markets on alert and business groups voicing frustration, Reeves must balance political pressure and investor confidence. Here’s what’s at stake — and how this budget could shape the future of the UK economy.
00:00It's a great pleasure to introduce our Shadow Chancellor.
00:04Labour is the party of economic responsibility and the party of social justice.
00:13Conference, it's time for a government.
00:24The government has presided over the biggest wage squeeze in centuries.
00:30What people will be asking themselves at the next election is this.
00:34And me and my family better off with a Conservative government and the answer is no.
00:44The mess we are in. The mess we are in.
00:53So a Labour government will not waver from ironclad fiscal rules.
00:58Nor play the Tory game of undermining our economic institutions.
01:03Thank you so much, Conference.
01:09I'm going to introduce you to some of the people who are Brad, Dylan and Steve.
01:23Thanks for making this time.
01:24Thank you, Steve.
01:25I'm going to show you this, Andrew, because these shafts go into each of that and then they all go big rings of bolts and bolts together vertically.
01:41What gave you the idea of coming here?
01:44OK, so that's...
01:46OK, so that's...
01:50You knew that's...
01:51OK, so that's...
02:11Thank you for bringing it out.
02:26Thank you for bringing it out.
02:28Thank you for bringing it out.
02:38Well the position of Chancellor of the Exchequer has existed for hundreds of years and a woman
02:49has never held that role so I feel like I'm smashing one of the last class ceilings in
02:54politics and I'm really proud to do that.
03:06I swear by Almighty God that I will be faithful and bear true allegiance to His Majesty King
03:11Charles, his heirs and successors according to law, so help me God.
03:16We now come to the statement I call the Chancellor of the Exchequer, Rachel Reeves.
03:25Thank you Mr Speaker.
03:27It means Mr Speaker that we have inherited a projected overspend of £22 billion.
03:33Second, I can repeat from the dispatch box our manifesto commitment that we will not increase
03:38time.
03:39Right, thanks for having me.
03:40So that's Stuart McKenley.
03:41Hello Stuart, I'm Rachel.
03:42Hello, really lovely to meet you.
03:43So you do the work on skills here?
03:45Yeah, I'm just going to direct that one, but it's a significant project for us and also
03:50it's enabling us to actually determine if you're a robot inside what's going to be.
03:57I'm going to get a number.
04:16I'm just going to make a number.
04:20Thank you very much.
04:50Thank you. Thank you, Madam Deputy Speaker. On July the 4th, the country voted for change.
05:01Yeah!
05:02Oh my goodness, it's so light, isn't it?
05:19What?
05:20Back to China, I found from the Johnson to buy my first...
05:24Because our school is K-12, so our friends are going to...
05:29It's a real pleasure to meet you and to be here in Beijing...
05:52...to the outside world and responded to the expectations of the world...
06:07...the fundamental strengths in our history, in our language and in our legal system...
06:13...to compete in a global economy. But for too long, that potential has been held back.
06:24Are you in panic mode, Chancellor? Are you making emergency cuts? No spring in your step today, Chancellor? Are you in panic mode, Chancellor?
06:40The spring statement, Chancellor of the Exchequer, Rachel Reeves?
06:44Yes!
06:48Mr Speaker, as a result of the steps that I am taking today...
06:53...I can confirm that I have restored in full our headroom against the stability rule.
06:58Yes!
07:00Mr Speaker, I don't think the Prime Minister actually watched what happened in the House yesterday.
07:06His bill was completely gutted.
07:08A U-turn in the middle of the debate, removing Clause 5.
07:12Where on earth was he?
07:14I'm really proud, Mr Speaker, that in the first year of a Labour government...
07:17...we've got free school meals, breakfast clubs, target.
07:20We've got £15 billion invested in transport in the North and the Midlands.
07:25With current regulation, planning and infrastructure is pounding forward.
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