On 21 July Chancellor delivered his first speech to
Treasury staff.
I'm here with , our new Chief Secretary to
the Treasury. But for me, this is a huge privilege. Just a huge
privilege to return to the Treasury as Chancellor. Nearly 20
years ago after I left first or last, left this as a Treasury
minister. And just looking around now, just as in those days,
it's so good to see so many bright, young, dedicated, really
top-notch officials here at the Treasury. And also one or two
familiar faces. James. Perhaps a little older, a little wiser, a
little greyer. Me I'm still bald. Me I'm look, I'm still burning
with a passion about this institution as a force for stability,
for security, for growth, a force for a successful Britain.
And a successful Britain now in a much tougher world. That's the
task that we face at the heart of government. And I want to start
by paying tribute to Rachel, my predecessor, our last chancellor,
for everything that she's done to serve this country. She brought
financial discipline. She enabled growth. She delivered two full
budgets, a spending review. She has helped through those see a
government in this country that has slashed NHS waiting lists.
That is reducing child poverty by 450,000. And that has seen
investment rise again.
And she will always, always be recognised as the first ever
female chancellor of this country in nearly 700 years. I praise
her, I thank her and I pay tribute to her.
You know, when I left the Treasury, it was in 2008/9, just as the
global financial crisis hit, and that crisis led to austerity. It
led to low growth. It led to almost a decade and a half of
stagnant living conditions. And that crisis and the political
choices made in response, still drive people's pessimism about
who wields power in this country. People's desperation for hopes
in their communities.
And the new prime minister, Andy , with his new cabinet and apologies
because he overran by half an hour. I'm sorry to keep you
waiting. But the new Prime Minister is determined to change that
and do so quickly.
As he said, we will help people live well. We'll invest in their
success rather than paying for their failure.
Nevertheless, I know, like you do, that the challenges Britain
face are still deep, Low growth, high debt, too much inequality,
overstretched public finances and at the same time, within the
international threats rising both to our economy and to our
security.
So for me, as for any Chancellor, fiscal control must be the
first duty. It is mine. So let me give you my five priorities as
your Chancellor.
First, fiscal discipline. Because fiscal credibility is the
bedrock of economic stability and national security. We will meet
the fiscal rules. And and I have talked about how we
will do that in lockstep, ensuring there's a buffer also for
uncertainty.
Second, growth in every postcode. So every government department
is a growth department. We'll make the fullest possible use of
public investment within our fiscal framework, and we'll take the
fullest advantage of private and international investment - ready
to back Britain.
Third. Backing Britain. British benefits. British
apprenticeships. British jobs. For every procurement pound spent.
Buying British not if possible, but by design. In transport, in
energy, in defence, in AI and in tech.
And fourth, wealth creation. I want our government commitments to
create a greater confidence investment, innovation, profit in our
British businesses. And I say to those who have a bright idea or
a small business, they want to grow, I will back you.
And fifth, I want to make life more affordable. Bringing down the
cost of living and beginning a new era of devolution and public
control. Not political buzzwords, but principles to underpin the
decisions made in this building and in this government. And
today, you've seen the way that we have cut tax from electricity
bills just to give people a little more breathing space with
their household finances in the winter.
This is the way that we start to build a new economy. This is the
way that we start to build new hope. This is the way that we
start to advance working people in this country.
But for now, I just have to say, the proudest and most humbling
thing for me is to be with you. Such an extraordinarily talented
group of government officials, and to look forward to being able
to work with you and with the ministerial team, as we put that
together in the months ahead.
We will do Britain proud. And thank you, I look forward to
working with you together.
