A Labour Party spokesperson said:
The Prime Minister opened the political Cabinet meeting by
welcoming the £63 billion of private investment secured at
yesterday's International Investment Summit, and the nearly
38,000 UK jobs that are set to be created. The Prime Minister
said the Summit was an important signal to the approach this
government is taking to bringing investment, jobs, and prosperity
to all parts of the UK. He added that the record-breaking
investment is a major vote of confidence in the stability of the
UK economy with this government.
The Prime Minister then turned to the Budget and said the
government would take “tough decisions so we can invest in the
future”. He added that financial stability and growth is the
first mission of this government. The Prime Minister said that
the first Labour Budget in 14 years would prioritise stabilising
the economy, fixing the foundations, and growing our way to a
better Britain. He added that prioritising growth is vital to
break the country out of the low growth, high tax doom loop it
has been stuck in for the past 14 years.
The Chancellor updated the Cabinet on preparations for the Budget
and the Spending Review, which she said is an opportunity to put
the country on a firmer footing.
The Chancellor highlighted the £22 billion black hole inheritance
from the previous government that needed to be filled just to
keep public services standing still.
The Chancellor said that the scale of inheritance meant there
would have to be difficult decisions on spending, welfare, and
tax – and that the long-term priority had to be unlocking private
sector investment to drive economic growth.
The Chancellor told Cabinet the Budget would focus on putting the
public finances on a strong footing and being honest with the
British people about the scale of the challenge.
The Chancellor said the Government could not turn around 14 years
of decline in one year or one Budget. However, the Budget would
deliver on the government's priorities to protect working people,
fix the NHS, and rebuild Britain.
