Chancellor Rachel Reeves has vowed to go “further and faster” to deliver economic growth, describing it as the “number one mission of this government”.
Addressing an audience of business leaders in Oxfordshire on Wednesday, Reeves said that her priority will be to build up the “supply side” of the economy by removing barriers faced by investors and entrepreneurs.
The widely anticipated speech is an attempt by the chancellor to convince investors and businesses that the government has a plan to kick-start growth, which has flatlined since Labour took office last year.
Reeves said that her plan entails three elements: creating stability, including via stronger public finances; enacting reforms that make it easier to trade and build; and bolstering investment.
While acknowledging the costs associated with her tax increases in her October Budget, Reeves said no alternative had been put forward by opposition parties.
The government has signalled it will prioritise growth over competing considerations such as environmental concerns to turbocharge transport, housing and infrastructure development.