Watch: Britain’s economy isn’t broken, says Reeves
Chancellor Rachel Reeves has confirmed that the next Budget will take place on Wednesday, 26 November 2025.
In an accompanying video statement, Reeves said the country’s economy is not broken but conceded that it was not working well enough for working people.
“Britain’s economy isn’t broken. But I know it’s not working well enough for working people. Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change.
“We’ve got huge potential – world-leading brands, dynamic industries, brilliant universities, and a skilled workforce. We’re a global hub for trade.”
Reeves said that fixing the foundations of the economy has been her mission this past year. This includes:
- Raising the minimum wage for three million people.
- Cutting NHS waiting lists.
- Planning rules to build 1.5 million new homes.
- Promising billions more for the country’s infrastructure.
- Securing trade deals with the US, India, and the EU.
- Changing Treasury rules so that investment reaches every part of the country.
“But I’m not satisfied. There’s more to do.= Cost of living pressures are still real. And we must bring inflation and borrowing costs down by keeping a tight grip on day-to-day spending through our non-negotiable fiscal rules,” she said.
“It’s only by doing this that we can afford to do the things we want to do. If renewal is our mission and growth is our challenge. Investment and reform are our tools. The tools to building an economy that works for you – and rewards you.
“More pounds in your pocket. An NHS there when you need it. Opportunity for all. Those are my priorities. The priorities of the British people. And it is what I am determined to deliver,” she said.
