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In the latest financial plan, we made the right choices for Britain, cutting the cost of energy with savings of £150 on utilities, safeguarding the health service and combating the problem of impoverished children by eliminating the two-child cap. Measures were also taken that the income generated through taxes was done equitably, with everyone contributing but those with the greatest capacity bearing an appropriate burden.

As a result of the choices we made, the budget created a more stable economic environment, curbing inflationary pressures and government bond yields. This is essential for securing our public services, when one pound in every ten expended by government goes on debt interest.

Advancing Financial Initiatives

The announcement strengthens the action we have already taken to improve the economy: directing £120bn toward new investments in such things as highways, railways and utilities; introducing significant overhaul measures in a generation to back builders, not blockers; supporting the expansion of Heathrow and Gatwick; and concluding commercial agreements with the EU, India and the US.

Collectively, these have allowed us to outperform our expansion estimates.

Revitalizing Our Country

As I outlined at the party conference, the government’s purpose is nothing less than the renewal of our economy, our communities and our state. Via these methods, we will halt deterioration and rebuild trust in our country.

We will confront those on the both sides who only offer dissatisfaction and whose approach would lead to further decline. Let me be clear, increasing public debt or reimposing spending cuts – that is the strategy of degradation and I cannot endorse it.

A Comprehensive Growth Mission

Through remarks coming soon, I will situate the financial plan within the broader economic renewal on which the government will be judged at the end of this parliament.

To accomplish the nationwide rejuvenation we seek, we must do more to stimulate expansion, to address idleness among young people and to pursue closer international cooperation with our trading partners.

Bureaucracy Reduction Effort

Our growth mission will include a refreshed emphasis on sweeping away unnecessary regulation. Often it has been those on the left who have favored regulation, but there is nothing advanced in regulations which merely act to raise the cost of living for the poorest, to slow down economic growth unnecessarily, or stop a progressive administration achieving its aims.

That is why I am asking the business secretary to address the category of pointless gold-plating and unnecessary red tape that add to costs and get in the way of our industrial strategy.

Benefits System Overhaul

Economic renewal also demands that we must continue to reform the welfare state. We inherited a failing system that resulted in impoverished youth going hungry and which discarded youth as incapable of employment.

We cannot tolerate either part of that failing Tory system. That is why we will do more to assist youth in realizing their capabilities.

For when people are neglected in your early career, if you are refused the help you need to overcome your mental health issues, or if you are just discounted because you are experiencing cognitive variations or handicaps, then it can confine you to a pattern of unemployment and reliance for decades.

This creates economic costs, is harmful to our efficiency, but far more significantly, it takes away opportunity and ignores potential. Any progressive administration worthy of the name should not overlook it.

That is why we have commissioned former health secretary to make practical recommendations to help young people with wellbeing challenges secure jobs, training or education – guaranteeing they receive assistance to thrive and not sidelined.

Global Commerce Improvement

Lastly, we need additional measures to help our businesses conduct global commerce. No plausible financial outlook for Britain that does not establish us as a accessible, commercial nation.

We have to address the reality that the botched Brexit deal substantially damaged our finances. You do not need to have a PhD in economics to know that establishing superfluous business impediments with your primary business associate will impede expansion and increase expenses.

Therefore a component of our economic renewal will be maintaining progress in the direction of a closer trading relationship with the EU. If we can get cheaper food, enhance expansion and generate employment by having a closer relationship with the EU, we should.

A Substantial Strategy for Significant Challenges

A budget based on fair choices 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 revitalize the nation. We must become again a meaningful society, with a serious government, competent jointly to perform demanding actions to reclaim command of our destiny.

By having a clear mission to rejuvenate our finances, our localities and our nation, we will deliver the change we promised – and then be assessed according to it in the forthcoming poll.