Days like this are why I joined the Labour Party.
In today’s Spending Review, we’re investing in Britain’s renewal. I made choices that reflect our values – Labour values. Choices that put working people first.
Because from day one, my mission has been clear: to create jobs and make working people, in all parts of our country, better off.
After 14 years of Tory failure, we had to start by fixing the foundations. Now we’re turning a corner:
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Interest rates have been cut four times – a cost-of-living boost for every single person in Britain with a mortgage.
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Real wages have grown more in the first ten months of this Labour Government than in the first ten years of Tory rule.
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We are the fastest growing major economy, striking trade deals with India, America and the European Union, as countries line up to do business with the UK once again.
These are signs that finally, with our Plan for Change, Britain is getting its future back. Our job is to make sure that people feel it and that’s what today’s Spending Review announcements are all about:
Economy – we’re rolling out investments and projects that will produce jobs, prosperity and put more money in the pockets of people across the country – free school meals for half a million more children, bus fares capped at £3, a record £39 billion for a new Affordable Homes Programme, and more. Because I believe Britain’s renewal must be a truly national endeavour.
Health – the British people voted for an NHS fit for the future and that’s what they’ll get. Today I announced a record investment in the health service – an additional £29 billion a year for more appointments, more doctors and more equipment.
Security – we’re investing to create thousands of new, high skilled jobs in energy, infrastructure and Artificial Intelligence. We’re keeping our country safe, with the biggest sustained increase in defence spending since the Cold War to back our armed forces and create British jobs in British industries.
Today, I made Labour choices. They’re the prize after years of hard work from everyone in our party – they make me proud to be a Labour member and I hope that you can share that pride today.
Rachel Reeves
Chancellor of the Exchequer