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At the budget last week, we made the right choices for Britain, cutting the cost of energy with £150 off bills, defending public healthcare and tackling the scourge of child poverty by scrapping the two-child restriction. We also ensured that the income generated through taxes was done fairly, with all paying their share but those with the broadest shoulders bearing an appropriate burden.

Because of the policies implemented, the budget created a more stable economic environment, curbing inflationary pressures and government bond yields. This is vital for protecting our public services, when £1 in every £10 spent by government goes on loan repayments.

Building on Economic Foundations

The budget builds on the action we have already taken to enhance economic performance: providing £120bn in extra capital investment in such things as highways, railways and utilities; implementing major regulatory changes in a generation to back builders, not blockers; supporting the expansion of Heathrow and Gatwick; and establishing trading partnerships with the EU, India and the US.

Taken together, these have allowed us to exceed our growth forecasts.

Revitalizing Our Country

As I explained at the party conference, the government’s purpose is precisely the renewal of our commercial landscape, our neighborhoods and our nation. Through this approach, we will end decline and reestablish confidence in our country.

We will take on those on the political extremes who only offer grievance and whose approach would lead to additional deterioration. Let me be clear, ramping up deficit spending or returning us to austerity – that is the approach of deterioration and I cannot endorse it.

A Thorough Development Strategy

During an address next week, I will place the budget in context within the broader commercial rejuvenation on which the government will be judged at the end of this parliament.

For us to realize the countrywide revitalization we seek, we must do more to promote development, to tackle inactivity among young people and to pursue closer international cooperation with our trading partners.

Regulatory Reform Initiative

Our expansion agenda will include a refreshed emphasis on sweeping away unnecessary regulation. Often it has been those on the left who have preferred controls, 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 prevent a Labour government achieving its aims.

This is the reason I am asking the business secretary to confront the variety of unnecessary embellishment and needless paperwork that raise expenditures and get in the way of our industrial strategy.

Welfare State Modernization

Financial revitalization likewise requires that we must continue to reform the welfare state. We inherited a failing system that resulted in impoverished youth going hungry and which dismissed adolescents as incapable of employment.

We cannot tolerate either part of that ineffective right-wing framework. That is why we will do more to help young people achieve their potential.

Since when individuals are overlooked in your early career, if you are not given the support you need to manage emotional difficulties, 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 costs the country money, is bad for our productivity, but far more significantly, it takes away opportunity and overlooks capability. Any Labour government worthy of the name should not overlook it.

Hence the explanation we have commissioned former health secretary to make actionable suggestions to help young people with wellbeing challenges secure jobs, training or education – ensuring they are supported to thrive and not sidelined.

International Trade Enhancement

Ultimately, we must take further action to help our businesses trade internationally. There is no credible economic vision for Britain that does not establish us as a accessible, commercial nation.

We must confront the reality that the poorly executed departure agreement substantially damaged our finances. It isn't necessary to have a PhD in economics to know that erecting unnecessary trade barriers with your biggest trading partner will impede expansion and increase expenses.

So one element of our economic renewal will be persisting in advancing toward a enhanced business association with the EU. If we can get cheaper food, improve development and produce work opportunities by having a closer relationship with the EU, we should.

A Meaningful Approach for Major Issues

A budget based on fair choices for Britain must be backed up with a determination to achieve the economic renewal that the country needs.

Via executing a major, confident protracted program, not a set of quick fixes, we will renew Britain. We need to transform once more a serious people, with a serious government, able collectively to undertake challenging tasks to retake charge of our prospects.

By having a clear mission to renew our economy, our communities and our state, we will implement the transformation we pledged – and then be judged on it at the next election.