The government's plan for stability, investment and reform has
meant Britain has beaten the odds and beaten the forecasts time
and time again, is expected to say as she
delivers her third Mansion House speech as Chancellor this
evening (14 July).
The Chancellor is expected to tell an audience of business
leaders and financiers in the heart of the City of London that
Britain's stronger economy is a result of the government
rejecting a failed status quo, and that this government has
delivered radical change on the bedrock of economic stability.
She will say it reflects an active and strategic state stepping
up to make conscious and deliberate choices about the future of
the economy.
On Britain's economic performance, Chancellor of the
Exchequer is expected to 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.
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.
On her optimism for Britain's economic future, is expected to say:
This government has made huge strides in delivering on the
promise of change. 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.
I have always been an optimist about the future of our economy
and our country, and I remain an optimist for what is
to come.
On the strength of UK financial services, the Chancellor
is expected to say:
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.
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.
An active and strategic state must step up to shape our economy -
empowering our regions, backing British business and
deepening our relationship with the EU.
Reeves will re-assert the three pillars set out in her Mais
Lecture earlier this year to drive growth: unlocking investment
and opportunity in every region of the country, not just in a few
parts of it; building the closest possible economic relationship
with our nearest neighbours and largest trading partner in the
EU; and backing Britain as the fastest adopter of AI in the G7,
which its financial sector is already at the cutting edge of.
Proof of these innovation credentials comes in today's
announcement that Mastercard will launch a new AI financial tool
for small and medium businesses. This includes a Virtual Chief
Financial Officer which businesses can use for advice as well as
making their financial management smarter. This could include
using the virtual CFO to forecast cashflow or identify the
businesses' most profitable product, customer, or channel to help
them plot a path to growth.
This kind of offer to SMEs is an example of how the adoption of
AI can help them boost productivity, scale and compete more
effectively. With the UK as the first market in Europe to benefit
from the new Mastercard service, it is a boost to the
Chancellor's ambition for Britain to be the fastest adopter of AI
in the G7.
An update on the Financial Services Growth and Competitiveness
Strategy will be published to coincide with Mansion House today,
showing demonstratable progress the government has made in the
last year in reforming capital markets, delivering on the Leeds
Reforms, and on regulating for growth and not just for risk.
Notes to editors
- The Chancellor's speech will be available on gov.uk after it
has been delivered this evening
