Reeves vows to ‘fix foundations’
Chancellor Rachel Reeves has confirmed that the Government’s next Budget will be delivered on Wednesday November 26, setting the stage for a major economic statement focused on growth, reform and easing pressures on working families.
In a video message, Reeves said Britain’s economy “isn’t broken” but admitted it was “not working well enough for working people.”
She pledged to continue her mission of “fixing the foundations” of the economy while keeping to the Government’s strict fiscal rules.
Progress claimed but challenges remain
Reeves highlighted steps already taken since Labour entered office, including raising the minimum wage for three million workers, beginning to cut NHS waiting lists, tearing up planning rules to enable 1.5 million new homes, and committing billions to infrastructure projects.
She also pointed to new trade deals with the US, India, and the EU, as well as changes to Treasury rules aimed at spreading investment across the country.
“Our stewardship of the economy has helped the Bank of England cut interest rates five times, which means lower mortgage payments and cheaper borrowing for families and businesses,” she said.
Fiscal discipline the priority
Despite claiming progress, Reeves acknowledged cost of living pressures remain acute. She said the Government would maintain a “tight grip” on day-to-day spending to reduce inflation and borrowing costs, insisting that only by sticking to its fiscal rules could Britain afford long-term investments.
“If renewal is our mission and growth our challenge, investment and reform are our tools,” Reeves said. “The tools to building an economy that works for you and rewards you.”
Budget submissions open
The Treasury has opened its Budget representation portal, inviting businesses, charities, and the public to submit views on existing policies. Submissions will be accepted until 15 October before being reviewed by Treasury officials ahead of November’s statement.
The Chancellor framed the Budget as a turning point: “More pounds in your pocket, an NHS there when you need it, opportunity for all. Those are my priorities. The priorities of the British people. And it is what I am determined to deliver.”
With expectations high, the late-November Budget will be closely watched as a test of Labour’s promise to combine stability with long-term reform.
