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At the budget last week, we made the right choices for Britain, cutting the cost of energy with savings of £150 on utilities, defending public healthcare and addressing the issue of youth deprivation by removing the two-child limit. We also ensured that the income generated through taxes was done justly, with everyone contributing but those with the greatest capacity contributing their fair share.

As a result of the choices we made, the budget created a more stable economic environment, driving down inflation and state borrowing costs. This is essential for securing our public services, when one pound in every ten expended by government goes on debt interest.

Building on Economic Foundations

The budget builds on the action we have already taken to improve the economy: directing £120bn toward new investments in such things as transportation and power infrastructure; implementing major regulatory changes in a generation to support developers, not obstructionists; promoting the development of Heathrow and Gatwick; and establishing trading partnerships with the EU, India and the US.

Taken together, these have allowed us to outperform our expansion estimates.

Revitalizing Our Country

As I set out at the party conference, the government’s purpose is exactly the renewal of our financial system, our localities and our government. Via these methods, we will halt deterioration and reestablish confidence in our country.

We will confront those on the both sides who only offer complaints and whose approach would lead to additional deterioration. Allow me to state unequivocally, increasing public debt or reimposing spending cuts – that is the strategy of degradation and I refuse to countenance it.

An Extensive Expansion Agenda

In a speech on Monday, I will frame the economic measures within the broader commercial rejuvenation on which the government will be evaluated upon conclusion of this parliament.

To accomplish the national renewal we seek, we must do more to stimulate expansion, to address idleness among young people and to aim for stronger worldwide collaboration with our trading partners.

Bureaucracy Reduction Effort

Our expansion agenda will include a reinforced attention on eliminating needless bureaucracy. Often it has been those on the left who have favored regulation, but there is nothing forward-thinking in regulations which only function to boost the cost of living for the poorest, to impede commercial development unnecessarily, or hinder a reformist leadership achieving its aims.

That is why I am asking the business secretary to confront the variety of pointless gold-plating and unnecessary red tape that raise expenditures and obstruct our industrial strategy.

Social Security Reform

Commercial rejuvenation additionally necessitates that we must continue to overhaul social security. We took over an ineffective structure that left children too poor to eat and which discarded youth as incapable of employment.

We should not endorse either part of that unsuccessful conservative approach. This explains we will do more to assist youth in realizing their capabilities.

Because if you are ignored in your early career, if you are not given the support you need to address psychological challenges, or if you are merely dismissed because you are experiencing cognitive variations or handicaps, then it can confine you to a pattern of unemployment and reliance for decades.

This imposes financial burdens, is harmful to our efficiency, but much more importantly, it removes potential and disregards ability. Any Labour government worthy of the name must not disregard this.

This is the reason we have appointed an ex-health minister to make implementable proposals to help young people with health conditions access work, training or education – ensuring they are supported to prosper rather than marginalized.

Worldwide Business Development

Finally, we have to do more to help our businesses conduct global commerce. No plausible financial outlook for Britain that does not position us as an open, trading economy.

We have to address the reality that the mishandled separation arrangement considerably harmed our commerce. You do not need to have a PhD in economics to know that erecting unnecessary trade barriers with your largest commercial ally will hinder development and boost prices.

Thus an aspect of our economic renewal will be continuing to move towards a enhanced business association with the EU. If we can get cheaper food, improve development and produce work opportunities by having a enhanced association with European nations, we should.

A Meaningful Approach for Major Issues

A budget based on fair choices for Britain must be supported by resolve to achieve the financial revitalization that the country needs.

Via executing a major, confident protracted program, not a set of temporary solutions, we will rejuvenate the country. We need to transform once more a serious people, with a important leadership, capable together of doing difficult things to retake charge of our prospects.

Via possessing an unambiguous objective to renew our economy, our communities and our state, we will deliver the change we promised – and then be judged on it at the next election.