Chancellor Rachel Reeves said there were “no shortcuts” to delivering growth as she set out plans to “fix the foundations” of the economy.
In the first Labour Budget since 2010 – and the first ever delivered by a woman – Ms Reeves promised to “invest, invest, invest”.
She will change the way debt is measured to allow extra borrowing to “rebuild Britain”, with tax hikes expected to help repair the public finances.
The Chancellor told MPs: “On July 4, the country voted for change. This government was given a mandate. To restore stability to our country and to begin a decade of national renewal.
“To fix the foundations and deliver change through responsible leadership in the national interest. That is our task. And I know we can achieve it.”
She said her “belief in Britain burns brighter than ever” but “the only way to drive economic growth is to invest, invest, invest”.
“There are no shortcuts. And to deliver that investment we must restore economic stability and turn the page on the last 14 years.”
