Autumn Budget 2024 speech
Autumn Budget 2024 speech as delivered by Chancellor Rachel Reeves.
Madam Deputy Speaker鈥
[redacted political content]
This government was given a mandate.聽
To restore stability to our economy鈥β
鈥 and to begin a decade of national renewal.聽
To fix the foundations鈥β
鈥 and deliver change.聽
Through responsible leadership in the national interest.聽聽
That is our task.聽聽
And I know that we can achieve it.聽
My belief in Britain burns brighter than ever.聽聽
And the prize on offer is immense.聽聽
As my Right Honourable Friend the Prime Minister said on Monday 鈥 change must be felt.聽
More pounds in people鈥檚 pockets.聽聽
An NHS that is there when you need it.聽聽
An economy that is growing, creating wealth and opportunity for all鈥β犅
鈥 because that is the only way to improve living standards.聽聽聽
And the only way to drive economic growth鈥β
鈥 is to invest, invest, invest.聽聽
There are no shortcuts.聽
And to deliver that investment鈥β
鈥 we must restore economic stability鈥
[redacted political content]
INHERITANCE
[redacted political content]
鈥 it is the first Budget in our country鈥檚 history to be delivered by a woman.聽聽
I am deeply proud to be Britain鈥檚 first ever female Chancellor of the Exchequer.聽聽
To girls and young women everywhere, I say:聽聽
Let there be no ceiling on your ambition, your hopes and your dreams.聽聽
And along with the pride that I feel standing here today鈥β
鈥 there is also a responsibility鈥β
鈥 to pass on a fairer society and a stronger economy to the next聽聽
generation of women.
[redacted political content]
A black hole in the public finances鈥β
Public services on their knees鈥.聽
A decade of low growth.聽
And the worst parliament on record for living standards.聽
Let me begin with the public finances.聽
In July, I exposed a 拢22bn black hole
[redacted political content]
The Treasury鈥檚 reserve, set aside for genuine emergencies鈥β
鈥 spent three times over鈥β
鈥 just three months into the financial year.聽聽
Today, on top of the detailed document that I have provided to the House in July鈥β
鈥 the government is publishing a line by line breakdown of the 拢22bn black hole that we inherited鈥β
It shows hundreds of unfunded pressures on the public finances鈥β
鈥 this year, and into the future too.聽聽
The Office for Budget Responsibility have published their own review of the circumstances around the Spring Budget forecast.聽聽
They say that the previous government 鈥 and I quote - 鈥渄id not provide the OBR with all the [available] information to them鈥濃β
鈥 and - had they known about these 鈥渦ndisclosed spending pressures that have since come to light鈥濃β
鈥 then their Spring Budget forecast for spending would have been, and I quote again: 鈥渕aterially different鈥.聽聽
Let me be clear: that means any comparison between today鈥檚 forecast and the OBR鈥檚 March forecast is false鈥β
鈥 because the party opposite hid the reality of their public spending plans.聽
Yet at the very same budget鈥β
鈥 they made another ten billion pounds worth of cuts to National Insurance.
[redacted political content]
That鈥檚 why today, I can confirm that we will implement in full鈥β
鈥 the 10 recommendations from the independent Office for Budget Responsibility鈥檚 review.聽
But, the country has inherited not just broken public finances鈥β
鈥 but broken public services too.聽
The British people can see and feel that in their everyday lives.聽
NHS waiting lists at record levels.聽
Children in portacabins as school roofs crumble.聽
Trains that do not arrive.聽
Rivers filled with polluted waste.聽聽
Prisons overflowing.聽
Crimes which are not investigated鈥β
鈥 and criminals who are not punished.聽聽
That is the country鈥檚 inheritance
Since 2021, there had been no detailed plans for departmental spending set out beyond this year.聽聽
And [redacted political content] plans relied on a baseline for spending this year which we now know was wrong鈥β
鈥 because it did not take into account the 拢22bn black hole.聽聽
The previous government also failed to budget for costs which they knew would materialise.聽聽
That includes funding for vital compensation schemes鈥β犅
鈥 for victims of two terrible injustices鈥
[redacted political content]
鈥 the infected blood scandal鈥β
鈥 and the Post Office Horizon scandal.聽聽
The Leader of the Opposition rightly made an unequivocal apology for the injustice of the infected blood scandal on behalf of the British state鈥β
鈥 but he did not budget for the costs of compensation.聽聽
Today, for the very first time, we will provide specific funding to compensate those infected and those affected, in full鈥β
鈥 with 拢11.8bn in this budget.聽
And I am also today setting aside 拢1.8bn to compensate victims of the Post Office Horizon scandal鈥β
鈥 redress that is long overdue for the pain and injustice that they have suffered.
[redacted political content]
鈥 and we will restore stability to our country again.聽
The scale and seriousness of the situation that we have inherited cannot be underestimated.聽
Together, the hole in our public finances this year, which recurs every year鈥β
鈥 the compensation schemes that they did not fund鈥β
鈥 and their failure to assess the scale of the challenges facing our public services鈥β
鈥 means this budget raises taxes by 拢40bn.聽
Any Chancellor standing here today would have to face this reality.聽
And any responsible Chancellor would take action.聽
That is why today, I am restoring stability to our public finances鈥β
鈥 and rebuilding our public services.聽聽
FISCAL RULES / OBR FORECASTS聽
Economy forecast/growth聽
As a former economist at the Bank of England, I know what it means to respect our economic institutions.聽聽
I want to put on record my thanks to the Governor of the Bank, Andrew Bailey鈥β犅
鈥 and to the independent Monetary Policy Committee.聽
Today, I can confirm that we will maintain the MPC鈥檚 target of two per cent inflation, as measured by the 12-month increase in the Consumer Prices Index.聽
I want to thank James Bowler, the Permanent Secretary to the Treasury, and my team of officials.聽
Madam Deputy Speaker, I would also like to thank my predecessors as Chancellor of the Exchequer鈥β
鈥 for their wise counsel as I have prepared for this Budget.
[redacted political content]
Finally, I want to thank Richard Hughes and his team at the Office for Budget Responsibility for their work in preparing today鈥檚 economic and fiscal outlook.聽
Let me now take the House through that forecast.聽
The cost of living crisis under the last government stretched household finances to their limit, with inflation hitting a peak of above 11%.聽聽
Today, the OBR say that CPI inflation will average 2.5% this year, 2.6% in 2025, then 2.3% in 2026, 2.1% in 2027, 2.1% in 2028 and 2.0% in 2029.聽聽
Next, I move on to economic growth.聽聽
Today鈥檚 budget marks an end to short-termism.聽聽
So I am pleased, that for the first time, the OBR have published not only five year growth forecasts鈥β
鈥 but a detailed assessment of the growth impacts of our policies over the next decade, too鈥β
鈥 and the new Charter for Budget Responsibility, which I am publishing today, confirms that this will become a permanent feature of our framework.聽
The OBR forecast that real GDP growth will be 1.1% in 2024, 2.0% in 2025, 1.8% in 2026, 1.5% in 2027, 1.5% in 2028 and 1.6% in 2029.聽
And the OBR are clear: this Budget will permanently increase the supply capacity of the economy鈥
[redacted political content]
鈥 boosting long-term growth.聽
Every Budget I deliver will be focused on our mission to grow the economy.聽
And underpinning that mission are the seven key pillars of our growth strategy鈥β
鈥 developed and delivered alongside business鈥β犅
鈥 all driven forward by our Financial Secretary to the Treasury.聽聽聽
First, and most important, is to restore economic stability. That is my focus today.聽
Second, increasing investment and building new infrastructure is vital for productivity, so we are catalysing 拢70bn of investment through our National Wealth Fund鈥β
鈥 and we are transforming our planning rules to get Britain building again.聽
Third, to ensure that all parts of the UK can realise their potential鈥β
鈥 we are working with the devolved governments鈥β
鈥 and partnering with our Mayors to develop local growth plans.聽聽
Fourth, to improve employment prospects and skills we are creating Skills England, delivering our plans to Make Work Pay and tackling economic inactivity.聽聽
Fifth, we are launching our long-term modern industrial strategy and expanding opportunities for our small and medium sized businesses to grow.聽
Sixth, to drive innovation we are protecting record funding for research and development to harness the full potential of the UK鈥檚 science base.聽聽
And finally, to maximise the growth benefits of our clean energy mission, we have confirmed key investments such as Carbon Capture and Storage to create jobs in our industrial heartlands.聽
Our approach is already having an impact.聽
Just two weeks ago 鈥 we delivered an International Investment Summit which saw businesses commit 拢63.5bn of investment into this country鈥β
鈥 creating nearly 40,000 jobs across the United Kingdom.
[redacted political content]
Economic growth will be our mission for the duration of this parliament.聽聽
Stability rule聽
Madam Deputy Speaker, in our manifesto, we set out the fiscal rules that would guide this government.聽
I am confirming those today鈥β
Our stability rule鈥β
And our investment rule鈥β
The 鈥渟tability rule鈥 means that we will bring the current budget into balance鈥β
鈥 so that we do not borrow to fund day to day spending.聽
We will meet this rule in 2029-30, until that becomes the third year of the forecast.聽聽
From then on, we will balance the current budget in the third year of every budget, held annually each autumn.聽
That will provide a tougher constraint on day to day spending鈥β
鈥 so difficult decisions cannot be constantly delayed or deferred.聽聽
The OBR say that the current budget will be in deficit by 拢26.2bn in 2025-26 and 拢5.2bn in 2026-27鈥β
鈥 before moving into surplus of 拢10.9bn in 2027-28, 拢9.3bn in 2028-29 and 拢9.9bn in 2029-30鈥β
鈥 meeting our stability rule鈥β
鈥 two years early.聽聽
Monthly public sector finances data shows that government borrowing in the first six months of this year鈥β
鈥 was already running significantly higher than the OBR鈥檚 March forecast.聽
And so the OBR confirmed today, that borrowing in this financial year is now 拢127bn鈥
[redacted political content]
The increase in the net cash requirement in 24-25 is lower than the increase in borrowing, at 拢22.3bn higher than the spring forecast.聽聽
Because of the action that we are taking鈥β
鈥 borrowing falls from 4.5% of GDP this year to 2.1% of GDP by the end of the forecast.聽
Public sector net borrowing will be 拢105.6bn in 2025-26, 拢88.5bn in 2026-27, 拢72.2bn in 2027-28, 拢71.9bn in 2028-29 and 拢70.6bn in 2029-2930.聽
FIXING THE FOUNDATIONS聽
厂辫别苍诲颈苍驳听听
Madam Deputy Speaker, before I come to tax鈥β
鈥 it is vital that we are driving efficiency and reducing wasteful spending.聽
In July, to begin delivering, and dealing with our inheritance鈥β
鈥 I made 拢5.5bn of savings this year.聽聽
Today we are setting a 2% productivity, efficiency and savings target for all departments to meet next year鈥β
鈥 by using technology more effectively and joining up services across government聽
As set out in our manifesto, I will shortly be appointing our Covid Corruption Commissioner, they will lead our work to uncover those companies that used a national emergency to line their own pockets.聽
Because that money belongs in our public services. And taxpayers want that money back.聽聽
And I can confirm today that David Goldstone has been appointed as the Chair of the new Office for Value for 伊人直播鈥β犅
鈥 to help us realise the benefits from every pound of public spending.聽
奥别濒蹿补谤别听
Today, I am also taking three steps to ensure that welfare spending is more sustainable.聽聽
First, we inherited [redacted political content] plans to reform the Work Capability Assessment.聽聽
We will deliver those savings鈥β犅
鈥s part of our fundamental reforms to the health and disability benefits system that my Right Honourable Friend the Work and Pensions Secretary will bring forward.聽
Second, I can today announce a crackdown on fraud in our welfare system鈥β
鈥 often the work of criminal gangs.聽聽
We will expand DWP鈥檚 counter-fraud teams..聽
鈥 using innovative new methods to prevent illegal activity鈥β犅
鈥 and provide new legal powers to crackdown on fraudsters鈥β
鈥 including direct access to bank accounts to recover debt.聽
This package saves 拢4.3bn a year by the end of the forecast.聽
Third, the government will shortly be publishing the 鈥淕et Britain Working鈥 white paper鈥β犅
鈥 tackling the root causes of inactivity with an integrated approach across health, education and welfare.聽聽
鈥 and we will provide 拢240m for 16 trailblazer projects鈥β
鈥 targeted at those who are economically inactive and most at risk of being out of education, employment or training鈥β
鈥 to get people into work and reduce the benefits bill.聽聽
Tax avoidance聽
Before a government could consider any change to a tax rate or threshold鈥β
鈥 it must ensure that people pay what they already owe.聽
So we will invest to modernise HMRC鈥檚 systems using the very best technology鈥β
鈥 and recruit additional HMRC compliance and debt staff.聽
We will clamp down on those umbrella companies who exploit workers鈥β
鈥 increase the interest rate on unpaid tax debt to ensure that people pay on time鈥β
鈥 and go after promoters of tax avoidance schemes.聽
These measures to reduce the tax gap raise 拢6.5bn by the end of the forecast鈥β
鈥 and I want to thank the Exchequer Secretary for his outstanding work on this agenda.聽
PROTECTING WORKING PEOPLE聽
Madam Deputy Speaker, I know that for working people up and down our country鈥β
鈥 family finances are stretched鈥β
鈥 and pay checks don鈥檛 go as far as they once did.聽
So today, I am taking steps to support people with the cost of living.聽
Cost of living
[redacted political content]
As promised in our manifesto, we asked the Low Pay Commission to take account of the cost of living for the first time.聽聽
I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to 拢12.21 an hour鈥β
鈥 worth up to 拢1,400 a year for a full-time worker.聽
And for the first time, we will move towards a single adult rate鈥β犅
鈥 phased in over time鈥β犅
鈥 by initially increasing the National Minimum Wage for 18-20 year olds by 16.3% as recommended by the Low Pay Commission鈥β
鈥 taking it to 拢10 an hour.
[redacted political content]
Second, I have heard representations from colleagues across this house about the Carer鈥檚 Allowance鈥β
鈥 and the impact of the current policy on carers looking to increase the hours they work鈥β
鈥 including from the Honourable member for Shipley, the Honourable member for Scarborough and Whitby and the Rt Hon Member for Kingston and Surbiton, too.聽
Carer鈥檚 allowance currently provides up to 拢81.90 per week to help those with additional caring responsibilities.聽聽
Today, I can confirm that we are increasing the weekly earnings limit to the equivalent of 16 hours at the National Living Wage per week鈥β
鈥 the largest increase in Carer鈥檚 Allowance since it was introduced in 1976.聽聽
That means a carer can now earn over 拢10,000 a year while receiving Carer鈥檚 Allowance鈥β
鈥 allowing them to increase their hours where they want to鈥β
鈥 and keep more of their money.聽
I am also concerned about the cliff-edge in the current system and the issue of overpayments.聽
My Right Honourable Friend the Work and Pensions Secretary has announced an independent review to look at the issue of overpayments, and we will work across this house to develop the right solutions.聽
Third, we will provide 拢1bn from next year to extend the Household Support Fund and Discretionary Housing Payments, to help those facing financial hardship with the cost of essentials.聽聽
Fourth, having heard representations from the Joseph Rowntree Foundation, Trussell and others鈥β
鈥 to reduce the level of debt repayments that can be taken from a household鈥檚 Universal Credit payment each month鈥β
鈥 by reducing it from 25% to 15% of their standard allowance.聽
This means that 1.2 million of the poorest households will keep more of their award each month鈥β
鈥 lifting children out of poverty鈥β犅
鈥 and those who benefit will gain an average of 拢420 a year.聽
Madam Deputy Speaker, our Plan to Make Work Pay will also protect working people.
[redacted political content]
It is right that we protect those who have worked their whole lives.聽聽
In our manifesto, we promised to transfer the Investment Reserve Fund in the Mineworkers鈥 Pension Scheme to members鈥β
鈥 and I have listened closely to my Honourable Friends for Easington, Doncaster Central, Blaenau Gwent, and Ayr, Carrick and Cumnock on this issue.聽
Today we are keeping our promise鈥β犅
鈥 so that working people who powered our country receive the fair pension that they are owed.聽
Our manifesto committed to the Triple Lock鈥β
鈥 meaning spending on the State Pension is forecast to rise by over 拢31bn by 2029-30鈥β
鈥 to ensure that our pensioners are protected in their retirement.聽聽
This commitment means that while working age benefits will be uprated in line with CPI, at 1.7%鈥β
鈥 the basic and new State Pension鈥β
鈥 will be uprated by 4.1% in 2025-26.聽
This means that over 12 million pensioners will gain up to 拢470 next year鈥β
鈥 up to 拢275 more than if uprated by inflation.聽聽
The Pension Credit Standard Minimum Guarantee will also rise by 4.1%鈥β犅
鈥 from around 拢11,400 per year to around 拢11,850 for a single pensioner.聽聽
Fuel duty聽
While I have sought to protect working people with measures to reduce the cost of living鈥β
鈥 I have had to take some very difficult decisions on tax.聽
I want to set out my approach to fuel duty.聽聽
Baked into the numbers that I inherited from the previous government鈥β
鈥 is an assumption that fuel duty will rise by RPI next year鈥β
鈥 and that the temporary 5p cut will be reversed.聽聽
To retain the 5p cut鈥β
鈥 and to freeze fuel duty again鈥β
鈥 would cost over 拢3bn next year.聽聽
At a time when the fiscal position is so difficult鈥β犅
鈥 I have to be frank with the House that this is a substantial commitment to make.聽
I have concluded鈥β
鈥 that in these difficult circumstances鈥β
鈥 while the cost of living remains high鈥β
鈥 and with a backdrop of global uncertainty鈥β
鈥 increasing fuel duty next year鈥β
鈥 would be the wrong choice for working people.聽
It would mean fuel duty rising by 7p per litre.聽
So, I have today decided to freeze fuel duty next year鈥β
鈥 and I will maintain the existing 5p cut for another year, too.聽
There will be no higher taxes at the petrol pumps next year.
Madam Deputy Speaker, the last government made cuts of 拢20bn to employees鈥 and self-employed national insurance in their final two budgets.
[redacted political content]
Because we now know they were based on a forecast which the OBR say would have been 鈥渕aterially different鈥濃β
鈥 had they known the true extent of the last government鈥檚 cover-up.聽聽聽
Since July, I have been urged on multiple occasions to reconsider these cuts.聽聽
To increase the taxes that working people pay and see in their payslips.聽
But I have made an important choice today:聽
To keep every single commitment that we made on tax in our manifesto.聽聽
So I say to working people:聽
I will not increase your National Insurance鈥β
鈥 will not increase your VAT鈥β
鈥nd I will not increase your income tax.聽
Working people will not see higher taxes in their payslips as a result of the choices I make today.聽
That is a promise made 鈥 and a promise fulfilled.聽
罢础齿听
But any responsible Chancellor would need to take difficult decisions today.聽
To raise the revenues required to fund our public services.聽
And to restore economic stability.聽聽
So in today鈥檚 Budget, I am announcing an increase in Employers鈥 National Insurance Contributions.聽聽
We will increase the rate of Employers鈥 National Insurance by 1.2 percentage points, to 15%, from April 2025.聽聽
And we will reduce the Secondary Threshold 鈥 the level at which employers start paying national insurance on each employee鈥檚 salary 鈥 from 拢9,100 per year to 拢5,000.聽聽
This will raise 拢25bn per year by the end of the forecast period.聽聽
I know that this is a difficult choice.聽
I do not take this decision lightly.聽聽
We are asking business to contribute more鈥β
鈥 and I know that there will be impacts of this measure felt beyond businesses, too鈥β
鈥 as the OBR have set out today.聽
But in the circumstances that I have inherited, it is the right choice to make.聽聽
Successful businesses depend on successful schools.聽
Healthy businesses depend on a healthy NHS.聽聽
And a strong economy depends on strong public finances.
[redacted political content]
That is the choice our country faces too.聽聽
As I make this choice, I know it is particularly important to protect our smallest companies.聽聽
So having heard representations from the Federation of Small Businesses and others鈥β
鈥 I am today increasing the Employment Allowance from 拢5,000 to 拢10,500.聽
This means 865,000 employers won鈥檛 pay any National Insurance at all next year鈥β
鈥 and over 1 million will pay the same or less than they did previously.聽
This will allow a small business to employ the equivalent of 4 full time workers on the National Living Wage鈥β
鈥 without paying any National Insurance on their wages.聽
Madam Deputy Speaker, let me come now to capital gains tax.聽
We need to drive growth, promote entrepreneurship, and support wealth creation鈥β
鈥 while raising the revenue required to fund our public services鈥β
鈥 and restore our public finances.聽聽
Today, we will increase the lower rate of Capital Gains Tax from 10% to 18%, and the Higher Rate from 20% to 24%鈥β
鈥 while maintaining the rates of capital gains tax on residential property at 18% and 24%, too.聽聽
This means the UK will still have the lowest Capital Gains Tax rate of any European G7 economy.聽
Alongside these changes to the headline rates of Capital Gains Tax鈥β
鈥 we are maintaining the lifetime limit for Business Asset Disposal Relief at 拢1m鈥β
鈥 to encourage entrepreneurs to invest in their businesses.聽聽聽
Business Asset Disposal Relief will remain at 10% this year鈥β
鈥 before rising to 14% in April 2025鈥β
鈥 and 18% from 2026-27鈥β
鈥 maintaining a significant gap compared to the higher rate of Capital Gains Tax.聽聽
Together, the OBR say these measures will raise 拢2.5bn by the end of the forecast.聽
In a sign of this government鈥檚 commitment to supporting growth and entrepreneurship鈥β
鈥e have already extended the Enterprise Investment Scheme and Venture Capital Trust schemes to 2035鈥β
鈥 and we will continue to work with leading entrepreneurs and venture capital firms鈥β
鈥 to ensure our policies support a positive environment for entrepreneurship in the UK.聽
Next, inheritance tax.聽
Only 6% of estates will pay inheritance tax this year.聽
I understand the strongly held desire to pass down savings to children and grandchildren.聽
So I am taking a balanced approach in my package today.聽
First, the previous government froze inheritance tax thresholds until 2028. I will extend that freeze for a further two years, until 2030.聽
That means the first 拢325,000 of any estate can be inherited tax-free鈥β
鈥 rising to 拢500,000 if the estate includes a residence passed to direct descendants鈥.聽
鈥 and 拢1m when a tax free allowance is passed to a surviving spouse or civil partner.聽
Second, we will close the loophole created by the previous government鈥β
鈥 made even bigger when the Lifetime Allowance was abolished鈥β
鈥 by bringing inherited pensions into inheritance tax from April 2027.聽
Finally, we will reform Agricultural Property Relief and Business Property Relief.聽聽
From April 2026, the first 拢1m of combined business and agricultural assets will continue to attract no inheritance tax at all鈥β
鈥 but for assets over 拢1m, inheritance tax will apply with 50% relief, at an effective rate of 20%.聽
This will ensure we continue to protect small family farms鈥β
鈥 and three-quarters of claims will be unaffected by these changes.聽
I can also announce that we will apply a 50% relief, in all circumstances, on inheritance tax for shares on the Alternative Investment Market (AIM) and other similar markets鈥β
鈥 setting the effective rate of tax at 20%.聽
Taken together, these measures raise over 拢2bn in the final year of the forecast.聽
Next, I can confirm that the government will renew the Tobacco Duty escalator for the remainder of this Parliament at RPI+2%鈥β
鈥 increase duty by a further 10% on hand-rolling tobacco this year鈥β
鈥 introduce a flat rate duty on all vaping liquid from October 2026鈥β
鈥 alongside an additional one off- increase in tobacco duty to maintain the incentive to give up smoking.聽
And we will increase the Soft Drinks Industry Levy to account for inflation since it was introduced鈥β
鈥β as well as increasing the duty in line with CPI each year going forward.聽
These measures will raise nearly 拢1bn per year by the end of the forecast period.聽
Madame Deputy Speaker, we want to support the take-up of electric vehicles.聽
So I will maintain incentives for electric vehicles in Company Car Tax from 2028鈥β
鈥 and increase the differential between fully electric and other vehicles in the first year rates of Vehicle Excise Duty from April 2025.聽
These measures will raise around 拢400m by the end of the forecast period.聽
Madam Deputy Speaker let me update the House on our plans for Air Passenger Duty鈥
[redacted political content]
Air Passenger Duty has not kept up with inflation in recent years鈥β
鈥 so we are introducing an adjustment鈥β
鈥 meaning an increase of no more than 拢2 for an economy class short-haul flight.聽聽
But I am taking a different approach when it comes to private jets鈥β犅
鈥 increasing the rate of Air Passenger Duty by a further 50%.
[redacted political content]
These measures will raise over 拢700m by the end of the forecast period.聽
Madam Deputy Speaker, let me turn now to our high street businesses.聽聽
I know that for them, a major source of concern is business rates.聽聽
From 2026-27, we intend to introduce two permanently lower tax rates for retail, hospitality and leisure properties which make up the backbone of high streets across the country鈥β
鈥 and it is our intention that is paid for by a higher multiplier for the most valuable properties.
[redacted political content]
So I will today provide 40% relief on business rates for the retail, hospitality and leisure industry in 2025-26鈥β
鈥 up to a cap of 拢110,000 per business.聽
Alongside this, the small business tax multiplier will be frozen next year.聽聽
Next, I can confirm that alcohol duty rates on non-draught products will increase in line with RPI from February next year鈥β
鈥 but nearly two-thirds of alcoholic drinks sold in pubs are served on draught.聽
So today, instead of uprating these products in line with inflation鈥β
鈥 I am cutting draught duty by 1.7%鈥β
鈥 which means a penny off a pint in the pub.聽
Alongside the changes I am making today, I am publishing a Corporate Tax Roadmap..聽
鈥 providing the business certainty called for by the CBI, British Chambers of Commerce and the Institute for Directors.聽
This confirms our commitment to cap the rate of Corporation Tax at 25% - the lowest in the G7 鈥撀 for the duration of this parliament鈥.聽
鈥 while maintaining full expensing and the 拢1 million Annual Investment Allowance鈥β
鈥nd keeping the current rates of research and development reliefs, to drive innovation.聽
惭补苍颈蹿别蝉迟辞听
Madam Deputy Speaker, in our manifesto we made a number of commitments to raise funding for our public services.聽聽
First, I have always said that if you make Britain your home, you should pay your tax here.聽
So today, I can confirm鈥β
鈥 we will abolish the non-dom tax regime鈥β
鈥 and remove the outdated concept of domicile from the tax system from April 2025.聽
We will introduce a new, residence based scheme鈥β
鈥 with internationally competitive arrangements for those coming to the UK on a temporary basis鈥β
鈥 while closing the loopholes in the scheme designed by the party opposite.聽
To further encourage investment into the UK, we will also extend the Temporary Repatriation Relief to three years and expand its scope鈥β
鈥 bringing billions of pounds of new funds into Britain.聽
The independent Office for Budget Responsibility say that this package of measures will raise 拢12.7bn over the next five years.聽聽
Next, the fund management industry provides a vital contribution to our economy鈥β
鈥β but as our manifesto set out, there needs to be a fairer approach to the way carried interest is taxed.聽聽
So we will increase the Capital Gains Tax rates on carried interest to 32% from April 2025鈥β
鈥 and 鈥 from April 2026 鈥 we will deliver further reforms to ensure that the specific rules for carried interest are simpler, fairer and better targeted.聽
In our manifesto we committed to reforming stamp duty land tax to raise revenue while supporting those buying their first home.聽聽
We are increasing the stamp-duty land tax surcharge for second-homes鈥β
鈥nown as the 鈥淗igher Rate for Additional Dwellings鈥濃β
鈥 by 2 percentage points, to 5%, which will come into effect from tomorrow.聽聽
This will support over 130,000 additional transactions from people buying their first home, or moving home over, the next five years.聽
Next, we committed to reform the Energy Profits Levy on oil and gas companies.聽
I can confirm today that we will increase the rate of the levy to 38%, which will now expire in March 2030鈥β
鈥 and we will remove the 29% investment allowance.聽
To ensure the oil and gas industry can protect jobs and support our energy security鈥β
鈥 we will maintain the 100% first year allowances and the decarbonisation allowances too.聽聽
Finally, 94% of children in the UK attend state schools.聽
To provide the highest quality of support and teaching that they deserve鈥β
鈥 we will introduce VAT on private school fees from January 2025鈥β
鈥 and we will shortly introduce legislation to remove their business rates relief from April 2025, too.聽聽
We said in our manifesto that these changes鈥β
鈥 alongside our measures to tackle tax avoidance鈥β
鈥 would bring in 拢8.5bn by the final year of the forecast.聽
I can confirm today that they will in fact raise over 拢9bn鈥β
鈥 to support our public services and restore our public finances.聽
That is a promise made 鈥 and a promise fulfilled.聽
Madam Deputy Speaker, I have one final decision to take on tax today.聽
The previous government froze income tax and National Insurance thresholds in 2021鈥β
鈥 and then they did so again after the mini-budget.聽
Extending their threshold freeze for a further two years raises billions of pounds.聽聽
伊人直播 to deal with the black hole in our public finances鈥β犅
鈥 and repair our public services.聽聽
Having considered this issue closely鈥β
鈥 I have come to the conclusion鈥β
鈥 that extending the threshold freeze鈥β
鈥 would hurt working people.聽
It would take more money out of their payslips.
I am keeping every single promise on tax that I made in our manifesto.聽
So there will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government.聽聽
From 2028-29, personal tax thresholds will be uprated in line with inflation once again.
When it comes to choices on tax, this government chooses to protect working people every single time.聽聽
厂笔贰狈顿滨狈骋听
Madam Deputy Speaker, these are the choices I have made.聽
To restore economic stability.聽
And to protect working people.聽聽
The next choice I make is to begin to repair our public services.聽聽
In recent months, we have conducted the first phase of the Spending Review鈥β
鈥 to set departmental budgets for 2024-25 and 2025-26鈥β
鈥 and I want to thank my Right Honourable Friend the Chief Secretary to the Treasury for his tireless work with colleagues from across government.聽聽
Because I have taken difficult decisions on tax today鈥β
鈥 I am able to provide an injection of immediate funding over the next two years鈥β
鈥 to stabilise and to support our public services.聽聽
The next phase of the Spending Review will report in late Spring, and I have set the overall envelope today.聽
Day to day spending from 2024-25 onwards will grow by 1.5% in real terms鈥β
鈥 and total departmental spending, including capital spending, will grow by 1.7% in real terms.聽
At the election we promised there would be no return to austerity.聽聽
Today we deliver on that promise.聽
But given the scale of the challenges that are facing our public services鈥β
鈥 that means there will still be difficult choices in the next phase of the Spending Review.聽
Just as we cannot tax and spend our way to prosperity鈥β
鈥 nor can we simply spend our way to better public services.聽聽
So we will deliver a new approach to public service reform鈥β
鈥 using technology to improve public services鈥β
鈥 and taking a zero-based approach鈥β
鈥 so that taxpayers鈥 money is spent as effectively as possible鈥β犅
鈥 and so that we focus on delivering our key priorities.聽聽
Spending Review: Phase 1聽
In the first phase of the Spending Review鈥β
鈥 I have prioritised day-to-day funding to deliver on our manifesto commitments.聽
I want every child to have the best start in life鈥β
鈥 and the best possible start to the school day, too鈥β
鈥 and I know my Right Honourable Friend the Education Secretary shares my ambition.聽聽
So I am today tripling investment in breakfast clubs to fund them in thousands of schools.聽聽
I am increasing the core schools budget by 拢2.3bn next year鈥β
鈥 to support our pledge to hire thousands more teachers into key subjects.聽聽聽
So that our young people can develop the skills that they need for the future鈥β
鈥 I am providing an additional 拢300m for further education.聽
And finally, this government is committed to reforming special educational needs provision鈥β
鈥 to improve outcomes for our most vulnerable children and ensure the system is financially sustainable.聽
To support that work, I am today providing a 拢1bn uplift in funding, a 6% real terms increase from this year.聽聽
There is no more important job for government than to keep our country safe, and we are conducting a Strategic Defence Review to be published next year.聽
And as set out in our manifesto, we will set a path to spending 2.5% of GDP on defence at a future fiscal event.聽
Today, I am announcing a total increase to the Ministry of Defence鈥檚 Budget of 拢2.9bn next year鈥β
鈥 ensuring the UK comfortably exceeds our NATO commitments鈥β犅
鈥 and providing guaranteed military support to Ukraine of 拢3bn per year, for as long as it takes.聽
Last week, alongside my Right Honourable Friend the Defence Secretary, I announced, in addition to this, further support to Ukraine 鈥 on top of our NATO commitment鈥β犅
鈥 through our 拢2.26bn contribution to the G7鈥檚 Extraordinary Revenue Acceleration agreement鈥β
鈥 repaid using profits from immobilised Russian sovereign assets.聽
And as we approach Remembrance Sunday鈥β犅
鈥 it is vital that we take time to remember those who have served our country so bravely.聽聽
So I am today announcing funding to commemorate the 80th anniversary of VE and VJ day next year鈥β
鈥 to honour those who have served at home and abroad.聽
We must also remember those who experienced the atrocities of the Nazi regime first hand.聽聽
I would like to pay tribute to Lily Ebert, the Holocaust Survivor and educator who passed away aged 100 earlier this month.聽聽
I am today committing a further 拢2m to holocaust education next year鈥β
鈥 so that charities like the Holocaust Educational Trust, can continue their work to ensure these vital testimonies are not lost and are preserved for the future.聽
Madam Deputy Speaker, to repair our public services we also need to work alongside our mayors and our local leaders.聽
We will deliver a significant real-terms funding increase for local government next year鈥β犅
鈥 including 拢1.3bn of additional grant funding to deliver essential services鈥β
鈥 with at least 拢600m in grant funding for social care鈥β犅
鈥 and 拢230m to tackle homelessness and rough sleeping聽
We are today confirming that Greater Manchester and the West Midlands will be the first mayoral authorities to receive integrated settlements from next year鈥β
鈥 giving Mayors meaningful control of the funding for their local areas.聽
*听
And to support our local high streets鈥β
鈥 we are taking action to deal with the sharp rise in shoplifting we have seen in recent years.聽
We will scrap the effective immunity for low-value shoplifting introduced by the party opposite.聽
And having listened closely to organisations like the British Retail Consortium and USDAW鈥β
鈥 I am providing additional funding to crack down on the organised gangs which target retailers鈥β
聽鈥 and to provide more training to our police officers and retailers to help stop shoplifting in its tracks.聽聽
Finally, I am today providing funding to support public services and drive growth across Scotland, Wales and Northern Ireland.聽聽
Having discussed the matter with the First Minister of Wales, Eluned Morgan, and my HFs for Llanelli and Pontypridd鈥β
鈥 I am providing a 拢25m to the Welsh Government next year for the maintenance of coal tips to ensure we keep our communities safe.聽聽
And to support growth, including in our rural areas, we will proceed with City and Growth Deals in Northern Ireland鈥β
鈥 in Causeway Coast and Glens; and Mid-South West.
And we will drive growth in Scotland [redacted political content] including a City and growth Deal in Argyll and Bute.
This budget provides the devolved governments with the largest real-terms funding settlement since devolution鈥β
鈥 delivering an additional 拢3.4 billion for the Scottish Government through the Barnett formula鈥β
鈥 funding which must now be spent effectively to improve public services in Scotland.聽聽
This budget also provides 拢1.7 billion to the Welsh Government鈥β
鈥β and 拢1.5 billion to the Northern Ireland Executive in 2025-26.聽
I said there would be no return to austerity, and that is the choice I have made today.聽聽
REBUILDING BRITAIN聽
Madam Deputy Speaker, to rebuild our country we need to increase investment.聽
The UK lags behind every other G7 country when it comes to business investment as a share of our economy.聽
That matters.聽聽
It means the UK has fallen behind in the race for new jobs鈥β
鈥 new industries鈥β
鈥 and new technology.聽聽
By restoring economic stability鈥β
鈥 and by establishing the National Wealth Fund to catalyse private funding鈥β
鈥 we have begun to create the conditions that businesses need to invest.聽聽
But there is also a significant role for public investment.
Hospitals without the equipment they need.聽聽
School buildings not fit for our children.聽聽
A desperate lack of affordable housing.聽
Economic growth held back at every turn.聽聽
Under the plans I inherited鈥β
鈥 public investment was set to fall from 2.5% to 1.7% of GDP.聽聽
But in Washington last week, the International Monetary Fund were clear:聽聽
More public investment is badly needed in the UK.聽聽
So today, having listened to the case made by the former Governor of the Bank of England, Mark Carney鈥β
鈥 former Treasury Minister, Jim O鈥橬eill鈥β
鈥 and the former Cabinet Secretary, Gus O鈥橠onnell鈥β
鈥 among others鈥β犅
鈥 I am confirming our investment rule.聽聽
As set out in our manifesto, we will target debt falling as a share of the economy.聽
Debt will be defined as Public Sector net Financial Liabilities, or 鈥渘et financial debt鈥, for short鈥β
鈥 a metric that has been measured by the Office for National Statistics since 2016鈥β
鈥 and forecast by the Office for Budget Responsibility since that date too.聽
鈥淣et financial debt鈥 recognises that government investment delivers returns for taxpayers鈥β犅
鈥 by counting not just the liabilities on a government鈥檚 balance sheet, but the financial assets too.聽
This means that we count the benefits of investment, not just the costs鈥β
And we free up our institutions to invest鈥β
鈥 just as they do in Germany, France and Japan.聽聽
Like our stability rule, our investment rule will apply in 2029-2030鈥β
鈥 until that becomes the third year of the forecast.聽
From that point onwards, net financial debt will fall in the third year of every forecast.聽
Today, the OBR say that we are already meeting our target two years early鈥β
鈥 with 鈥渘et financial debt鈥 falling by 2027-28鈥β犅
鈥 with 拢15.7bn of headroom in the final year.聽
So that we drive the right incentives in government investments鈥β
鈥 we will introduce four key guardrails to ensure capital spending is good value for money and drives growth in our economy.聽聽
First, our portfolio of new financial investments will be delivered by expert bodies like the National Wealth Fund which must, by default, earn a rate of return at least as large as that on gilts.聽聽
Second, we will strengthen the role of institutions to improve infrastructure delivery.聽聽
Third, we will improve certainty, setting capital budgets for five years and extending them at every spending review every two years.聽
Finally, we will ensure there is greater transparency for capital spending, with robust annual reporting of financial investments鈥β
鈥 based on accounts audited by the National Audit Office鈥β
鈥 and made available to the Office for Budget Responsibility at every forecast.聽
Taken together with our stability rule鈥β
鈥hese fiscal rules will ensure that our public finances are on a firm footing鈥β
鈥 while enabling us to invest prudently alongside business.聽
Growth projects聽聽
The capital plans I now set out鈥β
鈥 to drive growth across our country鈥β
鈥 and repair the fabric of our nation鈥β
鈥 are only possible because of our investment rule.聽聽
Let me set out those investment plans.聽
Industrial strategy聽
Today we are confirming our plans to capitalise the National Wealth Fund鈥β
鈥 to invest in the industries of the future鈥β
鈥 from gigafactories, to ports to green hydrogen.聽
Building on these investments, my Right Honourable Friend the Business Secretary is driving forward our modern industrial strategy鈥β
鈥 working with businesses and organisations like Make UK鈥β
鈥 to set out the sectors with the biggest growth potential.聽
Today, we are confirming multi-year funding commitments for these areas of our economy, including鈥β
鈥 nearly 拢1bn for the aerospace sector to fund vital research and development, building on our industry in the East Midlands, the South-West and Scotland鈥β
鈥 over 拢2 billion for the automotive sector鈥β
鈥β to support our electric vehicle industry and develop our manufacturing base鈥β
鈥 building on our strengths in the North East and the West Midlands鈥β
And up to 拢520m for a new Life Sciences Innovative Manufacturing Fund.聽
For our world-leading creative industries鈥β犅
鈥 we will legislate to provide additional tax relief for visual effect costs in TV and film鈥β
.. and we are providing 拢25m for the North East Combined Authority鈥β
鈥 which they plan to use to remediate the Crown Works Studio site in Sunderland鈥β
鈥 creating 8,000 new jobs.聽聽
Research & Development聽
To unlock these growth industries of the future, we will protect government investment in research and development with more than 拢20bn worth of funding.聽
This includes at least 拢6.1bn to protect core research funding for areas like engineering, biotechnology and medical science鈥β
鈥hrough Research England, other research councils, and the National Academies.聽
We will extend the Innovation Accelerators programme in Glasgow, in Manchester and in the West Midlands.聽聽
And with over 拢500m of funding next year, my Right Honourable Friend the Science, Technology and Innovation Secretary, will continue to drive progress in improving reliable, fast broadband and mobile coverage across our country, including in rural areas.聽
贬辞耻蝉颈苍驳听
We committed in our manifesto to build 1.5 million homes over the course of this parliament鈥β
鈥 and my Right Honourable Friend the Deputy Prime Minister is driving that work forward across government.聽
Today, I am providing over 拢5bn of government investment to deliver our plans on housing next year.聽
We will increase the Affordable Homes Programme to 拢3.1bn鈥β犅
鈥 delivering thousands of new homes.聽聽
We will provide 拢3bn of support in guarantees鈥β
鈥 to boost the supply of homes and support our small housebuilders.聽
And we will provide investment to renovate sites across our country鈥β
鈥 including at Liverpool Central Docks鈥β
鈥 where we will deliver 2,000 new homes鈥β
鈥 and funding to help Cambridge realise its full growth potential.聽聽
Alongside this investment, we will put the right policies in place to increase the supply of affordable housing.聽聽
Having heard representations from local authorities, social housing providers and from Shelter鈥β犅
鈥 I can today confirm that the government will reduce Right to Buy Discounts鈥β
鈥 and local authorities will be able to retain the full receipts from any sales of social housing鈥β
鈥 to reinvest back into the housing stock, and into new supply..聽
鈥 so that we give more people a safe, secure and affordable place to live.聽聽
We will provide stability to social housing providers, with a social housing rent settlement of CPI+1 percent for the next five years.聽聽
And we will deliver on our manifesto commitment to hire hundreds of new planning officers, to get Britain building again.聽聽
We will also make progress on our commitment to accelerate the remediation of homes following the findings of the Grenfell Inquiry鈥β
鈥 with 拢1bn of investment to remove dangerous cladding next year.聽聽
Transport
Working with my Right Honourable Friend the Transport Secretary, I am changing that.聽聽
We are today securing the delivery of the Trans-Pennine upgrade to connect York, Leeds, Huddersfield and Manchester鈥β犅
鈥 delivering fully electric local and regional services between Manchester and Stalybridge by the end of this year鈥β
鈥 with a further electrification of services between Church Fenton and York by 2026.鈥β
鈥 to help grow our economy across the North of England鈥β
鈥 with faster and more reliable services.聽聽
We will deliver East-West Rail to drive growth between Oxford, Milton Keynes and Cambridge鈥β犅
鈥 with the first services running between Oxford, Bletchley and Milton Keynes next year鈥β
鈥 and trains between Oxford and Bedford running from 2030.聽聽
We are delivering railway schemes which improve journeys for people across our country鈥β
鈥 including upgrades at Bradford Forster Square鈥β犅
鈥 improving capacity at Manchester Victoria鈥β
鈥 and electrifying the Wigan-Bolton line.聽
My Right Honourable Friend the Transport Secretary has also set out a plan for how to get a grip of HS2.聽
Today, we are securing delivery of the project between Old Oak Common and Birmingham鈥β
鈥 and we are committing the funding required to begin tunnelling work to London Euston station鈥β
鈥 This will catalyse private investment into the local area.聽
I am also funding significant improvements to our roads network.聽聽
For too long, potholes have been an all too visible reminder of our failure to invest as a nation.聽
Today, that changes鈥β
鈥 with a 拢500m increase in road maintenance budgets next year鈥β
鈥 more than delivering on our manifesto commitment to fix an additional one million potholes each year.聽
We will provide over 拢650m of local transport funding to improve connections across our country鈥β
鈥 in our towns like Crewe and Grimsby鈥β
鈥 and in our villages and rural areas, from Cornwall to Cumbria.
鈥 we understand how important bus services are for our communities鈥β
鈥o we will extend the cap for a further year, setting it at 拢3 until December 2025.聽
Finally we will deliver 拢1.3bn of funding to improve connectivity in our city regions, funding projects like鈥β犅
鈥 the Brierley Hill Metro extension in the West Midlands鈥β
鈥 the renewal of the Sheffield Supertram鈥β
鈥 and West Yorkshire Mass Transit, including in Bradford and Leeds.聽聽
贰苍别谤驳测听
Madam Deputy Speaker, to bring new jobs to Britain and drive growth across our country鈥β
鈥 we are delivering our mission to make Britain a clean energy superpower, led by my Right Honourable Friend the Energy Secretary.聽
Earlier this month, we announced a significant multi-year investment between government and business into Carbon Capture and Storage鈥β
鈥 creating 4,000 jobs across Merseyside and Teesside.聽
Today, I am providing funding for 11 new green hydrogen projects across England, Scotland and Wales 鈥 they will be among the first commercial scale projects anywhere in the world鈥β
鈥 including in Bridgend, East Renfrewshire and in Barrow-in-Furness聽
We are kickstarting the Warm Homes Plan by confirming an initial 拢3.4bn over the next three years鈥β
鈥 to transform 350,000 homes鈥β
鈥 including a quarter of a million low-income and social homes.聽
And we will establish GB Energy鈥β
鈥 providing funding next year to set up GB Energy at its new home in Aberdeen.聽
Overall, we will invest an additional 拢100bn over the next five years in capital spending鈥β
鈥 only possible because of our investment rule.聽聽
The OBR say today that this will drive growth across our country in the next five years鈥β
鈥 and in the longer term increase GDP by up to 1.4%.聽
It will crowd in private investment鈥β
鈥 meaning more jobs, and more opportunities鈥β
鈥 in every corner of the UK.聽聽
That is the choice that I have made.聽聽
To invest in our country鈥β
鈥 and to grow our economy.聽
Today, I am setting out two final areas in which investment is so badly needed鈥β
鈥 to repair the fabric of our nation.聽
Schools
[redacted political content]
鈥 schools roofs are crumbling鈥.聽聽
鈥 and millions of children are facing the very same backdrop as I did.聽
I will be the Chancellor that changes that.聽聽
So today, I am providing 拢6.7bn of capital investment to the Department for Education next year鈥β
鈥 a 19% real-terms increase on this year.聽
That includes 拢1.4bn to rebuild over 500 schools in the greatest need鈥β
鈥 including St Helen鈥檚 Primary School in Hartlepool, and Mercia Academy in Derby鈥β
鈥 and so many more across our country.聽
And we will provide a further 拢2.1bn to improve school maintenance, 拢300m more than this year鈥β
鈥 ensuring that all our children can learn somewhere safe鈥β
鈥 including dealing with RAAC affected schools in the constituencies of my HFs the members for Watford, Stourbridge, Hyndburn, and beyond.聽聽聽
Alongside investment in new teachers鈥β
鈥 and funding for thousands of new breakfast clubs鈥β
鈥 this government is giving our children and young people the opportunities that they deserve.聽聽聽
狈贬厂听
Madam Deputy Speaker, I come to our most cherished public service of all: our NHS.
[redacted political content]
In our first week in office, he commissioned an independent report into the state of our health service by Lord Darzi.聽聽
Its conclusions were damning.聽聽
While our NHS staff do a remarkable job, and we thank them for it鈥β
鈥 it is clear that, that in so many areas鈥β
鈥 we are moving in the wrong direction.聽聽
100,000 infants waited over 6 hours in A&E last year.聽聽
350,000 people are waiting a year for mental health support.聽
Cancer deaths here are higher than in other countries.聽聽
It is simply unforgiveable.聽
In the Spring, we will publish a 10 year plan for the NHS鈥β
鈥 to deliver a shift from hospital to community鈥β
鈥 from analogue to digital鈥β
鈥 and from sickness to prevention.聽
Today, we are announcing a downpayment on that plan鈥β犅
鈥β to enable the NHS to deliver 2% productivity growth next year.聽
These reforms are vital.聽聽
But we should be honest.聽聽
The state of the NHS we inherited鈥β
鈥 after 鈥 and I quote Lord Darzi 鈥 鈥渢he most austere decade since the NHS was founded鈥 鈥撀犅
鈥 means reform must come alongside investment.聽
So today鈥β
鈥 because of the difficult decision that I have taken on tax, welfare and spending鈥β
鈥 I can announce鈥β
鈥 that I am providing a 拢22.6bn increase in the day to-day health budget鈥β
鈥 and a 拢3.1bn increase in the capital budget鈥β
鈥 over this year and next year.聽
This is the largest real-terms growth in day to day NHS spending outside of Covid since 2010.聽聽
Let me set out what this funding is delivering.聽聽
Many NHS buildings have been left in a state of disrepair.聽
So we will provide 拢1 billion of health capital investment next year to address the backlog of repairs and upgrades across the NHS.聽聽
To increase capacity for tens of thousands more procedures next year鈥β
鈥 we will provide a further 拢1.5bn鈥β
鈥 for new beds in hospitals across the country鈥β犅
鈥 new capacity for over a million additional diagnostic tests鈥β
鈥 and new surgical hubs and diagnostic centres 鈥β
鈥 so that those people waiting for their treatment can get it as quickly as possible.聽
My Right Honourable Friend the Health Secretary will be announcing the details of his review into the New Hospital Programme in the coming weeks鈥β
鈥 and publishing in the new year鈥β
鈥 but I can tell the House today鈥β
鈥 that work will continue at pace to deliver those seven hospitals affected including鈥β
鈥 West Suffolk Hospital in Bury St Edmunds鈥β
鈥 and Leighton Hospital in Crewe.聽聽
And finally鈥β
鈥 because of this record injection of funding鈥β
鈥 because of the thousands of additional beds that we have secured鈥β
鈥 and because of the reforms that we are delivering in our NHS鈥β犅
鈥 we can now begin to bring waiting lists down more quickly鈥β
鈥 and move towards our target for waiting times no longer than 18 weeks鈥β
鈥 by delivering our manifesto commitment for 40,000 extra hospital appointments a week.
[redacted political content]
颁尝翱厂滨狈骋听
Madam Deputy Speaker, the choices that I have made today are the right choices for our country.聽聽
To restore stability to our public finances.聽
To protect working people.聽
To fix our NHS.聽
And to rebuild Britain.聽聽
That doesn鈥檛 mean these choices are easy.聽
But they are responsible.
[redacted political content]
This is a moment of fundamental choice for Britain.聽聽
I have made my choices.聽聽
The responsible choices.聽
To restore stability to our country.聽
To protect working people.聽聽
More teachers in our schools.聽聽
More appointments in our NHS.聽聽
More homes being built.聽聽
Fixing the foundations of our economy.聽
Investing in our future.聽聽
Delivering change.聽聽
Rebuilding Britain.
We on these benches commend those choices鈥β
鈥 and I commend this Statement to the House.