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In the latest financial plan, we made the right choices for Britain, cutting the cost of energy with a £150 reduction in charges, safeguarding the health service and addressing the issue of youth deprivation by removing the two-child limit. We also ensured that the funds collected through taxes was done fairly, with all paying their share but those with the broadest shoulders paying what they owe.

As a result of the choices we made, the budget established a firmer financial footing, driving down inflation and state borrowing costs. This is essential for securing our public services, when £1 in every £10 spent by government goes on debt interest.

Building on Economic Foundations

The budget builds on the action we have already taken to improve the economy: providing £120bn in extra capital investment in such things as roads, rail and energy; enacting the biggest planning reforms in a generation to support developers, not obstructionists; supporting the expansion of Heathrow and Gatwick; and concluding commercial agreements with the EU, India and the US.

Taken together, these have allowed us to exceed our growth forecasts.

Renewing Our Nation

As I set out at the party conference, the government’s purpose is nothing less than the renewal of our financial system, our localities and our government. Through this approach, we will stop degradation and rebuild trust in our country.

We will challenge those on the left and right who only offer complaints and whose approach would lead to continued weakening. Let me be clear, turning on the borrowing taps or reimposing spending cuts – that is the strategy of degradation and I will not accept it.

An Extensive Expansion Agenda

In a speech on Monday, I will place the budget in context within the broader economic renewal on which the government will be evaluated upon conclusion of this parliament.

To accomplish the national renewal we seek, we must do more to encourage growth, to combat unemployment among young people and to aim for stronger worldwide collaboration with our trading partners.

Administrative Streamlining Program

Our development strategy will include a refreshed emphasis on sweeping away unnecessary regulation. Commonly it has fallen to those on the left who have preferred controls, but there is nothing forward-thinking in regulations which merely act to raise the cost of living for the poorest, to slow down economic growth unnecessarily, or hinder a reformist leadership achieving its aims.

Hence the rationale I am asking the business secretary to confront the variety of unnecessary embellishment and needless paperwork that add to costs and obstruct our industrial strategy.

Social Security Reform

Economic renewal also demands that we must continue to modernize the benefits system. We took over an ineffective structure that caused youngsters to lack basic nutrition and which discarded youth as unfit for labor.

We must not accept either part of that unsuccessful conservative approach. Hence the reason we will do more to support adolescents in reaching their abilities.

For when people are neglected in your early career, if you are denied the assistance you need to overcome your mental health issues, or if you are merely dismissed because you are neurodivergent or disabled, then it can imprison you in a loop of unemployment and reliance for decades.

This imposes financial burdens, is harmful to our efficiency, but far more significantly, it takes away opportunity and disregards ability. Any progressive administration worthy of the name must not disregard this.

This is the reason we have commissioned former health secretary to make practical recommendations to help young people with wellbeing challenges secure jobs, training or education – making certain they get help to prosper rather than marginalized.

International Trade Enhancement

Ultimately, we must take further action to help our businesses conduct global commerce. No plausible financial outlook for Britain that does not position us as an open, trading economy.

We need to acknowledge the reality that the poorly executed departure agreement substantially damaged our finances. It isn't necessary to have a PhD in economics to know that erecting unnecessary trade barriers with your primary business associate will impede expansion and increase expenses.

Therefore a component of our economic renewal will be continuing to move towards a enhanced business association with the EU. Should we obtain less expensive nourishment, enhance expansion and generate employment by having a closer relationship with the EU, we should.

A Meaningful Approach for Major Issues

An economic package built on just selections for Britain must be reinforced with commitment to achieve the commercial rejuvenation that the country needs.

Through implementing a substantial, courageous extended strategy, not a set of quick fixes, we will rejuvenate the country. We must become again a serious people, with a important leadership, able collectively to undertake challenging tasks to reclaim command of our destiny.

Through maintaining a distinct purpose to revitalize our commerce, our neighborhoods and our government, we will execute the modification we committed to – and then be judged on it at the next election.