Chancellor Rachel Reeves conference speech to pledge no austerity and ‘real ambition’ despite tough decisions

Chancellor Rachel Reeves will pledge to conference that this autumn’s budget will “rebuild Britain” and deliver the change that the Labour Party promised. 

“Stability is the crucial foundation on which all our ambitions will be built,” Reeves is expected to say in her first speech to annual conference since Labour’s general election victory. “There will be no return to austerity,” she will also say in her speech tomorrow. 

“Conservative austerity was a destructive choice for our public services – and for investment and growth too,” she will argue. Reeves will say that the Labour government “must deal with the Tory legacy and that means tough decisions”. But she will also tell delegates that “we won’t let that dim our ambition for Britain”.

Follow all of the news and debate at party conference 2024 by LabourList here, the leading dedicated platform for Labour supporters on all things Labour:

READ MORE: Monday at Labour conference 2024: Five key events, speeches and parties on Monday in Liverpool

READ MORE: Monday at Labour conference 2024: Join Labour List’s events on the NHS, growth, New Deal, far right and next US and UK elections

Reeves will say her budget will have “real ambition”. She will describe it as “a budget to fix the foundations. A budget to deliver the change we promised. A budget to rebuild Britain”.

‘The essential precondition for business to invest with confidence and families to plan for the future,” she will argue.

Reeves will point to the disastrous ‘mini-budget’ of her Tory predecessor Kwasi Kwarteng as a warning of what bad policy-making can do. “The mini-budget showed us that any plan for growth without stability only leads to ruin.”

By contrast Labour, Reeves will say the government “will make the choices necessary to secure our public finances and fix the foundations for lasting growth”.

READ MORE: The full LabourList events programme, from karaoke to key panel debates

READ MORE: Poll: Labour risks losing loyal voters – hear more at today’s LabourList and Savanta conference event

“Stability, paired with reform, will forge the conditions for business to invest and consumers to spend with confidence. Growth is the challenge. And investment is the solution.”

My optimism for Britain burns as bright as it ever has done,” Reeves will tell the Conference. “My ambition for Britain knows no limits because I can see the prize on offer if we make the right choices now.”

SHARE: If you have anything to share that we should be looking into or publishing about this story – or any other topic involving Labour– contact us (strictly anonymously if you wish) at [email protected]. 

SUBSCRIBE: Sign up to LabourList’s morning email here for the best briefing on everything Labour, every weekday morning. 

DONATE: If you value our work, please donate to become one of our supporters here and help sustain and expand our coverage.

PARTNER: If you or your organisation might be interested in partnering with us on sponsored events or content, email [email protected].