British economy 'beat the odds because of my choices' Reeves to say
Rachel Reeves will claim that the UK economy has improved under her stewardship in her third, and possibly last, speech at Mansion House
Rachel Reeves is expected to claim that Britain’s economy has “beaten the odds” with her at the helm, ahead of Andy Burnham’s incoming government.
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The Chancellor will say that the UK must “maintain the credibility we have earned”, indicating that any new administration must maintain market support to thrive.
Ms Reeves is expected to address business leaders by claiming that the Government made “huge strides in delivering on the promise of change” in her third and likely last speech as Chancellor at Mansion House.
The Chancellor will say: “Because of the choices I have made, I’m proud to report that the British economy is strong”.
“At the start of this year, Britain had the fastest economic growth in the G7. Last year, borrowing fell from 5.2% to 4.3%, its lowest level in six years.
“Investment is up, productivity is up, and wages are up too.
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“Waiting lists are falling faster than at any time in the last 17 years, and half a million children will be lifted out of poverty by the end of this Parliament.”
The national economy is set to remain stagnant for another month, while some industries continue to face pressure and the war in Iran poses further challenges to growth.
On Thursday, the Office for National Statistics (ONS) will share May’s gross domestic product (GDP) figures after a period of global turbulence during the war.
But Ms Reeves will say she has “always been an optimist about the future of our economy and our country, and I remain an optimist for what is to come”.
“This Government has made huge strides in delivering on the promise of change,” she is expected to say.
“Fixing the foundations, restoring economic stability, and proving our capacity to deliver radical change.
“That change is only possible if we maintain the credibility that we have earned, and the stability that we have built, with growth and opportunity in every town, city and region of the UK.”
She will back former Greater Manchester mayor Mr Burnham’s focus on devolution, arguing that an “active and strategic state” must step up by “empowering our regions, backing British business and deepening our relationship with the EU”.
“I have always been a firm believer that the success of our world-leading financial services sector is good for the whole of the UK,” Ms Reeves will say.
“Financial services remains the crown jewel in the UK economy and a shining example of our potential as a nation.
“Realising that potential entails choices.”
Ms Reeves appears to have conceded she will not stay on as Mr Burnham’s chancellor, though the presumptive next prime minister has not yet confirmed any Cabinet appointments.
The Makerfield MP is the only candidate in Labour’s leadership process and is widely expected to officially take over from Sir Keir Starmer on Monday, July 20, after the Prime Minister announced his resignation last month.