Rachel Reeves will mount a fierce defence of her record on government when she delivers what is likely to be her final set-piece address as Chancellor.
Ms Reeves will use her third annual Mansion House speech to claim credit for creating stability that has encouraged investment and reform.
She will tell an audience of business leaders and financiers tonight that “Britain has beaten the odds and beaten the forecasts time and time again”.
Ms Reeves, who is still hoping to cling on to her job under Andy Burnham, will say that Britain’s stronger economy is a result of the government “rejecting a failed status quo”.
This reflects an active and strategic state stepping up to make conscious and deliberate choices about the future of the economy, she says in notes ahead of the speech.
“Because of the choices I have made, I’m proud to report that the British economy is strong.
“At the start of this year Britain had the fastest economic growth in the G7. Last year, borrowing fell from 5.2% to 4.3% – its lowest level in six years. Investment is up, productivity is up, and wages are up too.
“Waiting lists are falling faster than at any time in the last 17 years and half a million children will be lifted out of poverty by the end of this Parliament.”
She will say that the government has made “huge strides in delivering on the promise of change. Fixing the foundations, restoring economic stability, and proving our capacity to deliver radical change.
“That change is only possible if we maintain the credibility that we have earned, and the stability that we have built, with growth and opportunity in every town, city and region of the UK.
“I have always been an optimist about the future of our economy and our country, and I remain an optimist for what is to come.”
On the strength of UK financial services, the Chancellor is expected to say: “I have always been a firm believer that the success of our world-leading financial services sector is good for the whole of the UK.
“Financial services remains the crown jewel in the UK economy and a shining example of our potential as a nation. Realising that potential entails choices.
“An active and strategic state must step up to shape our economy – empowering our regions, backing British business and deepening our relationship with the EU.?”
An update on the Financial Services Growth and Competitiveness Strategy will be published to coincide with Mansion House today, which will claim progress has been made in the last year in reforming capital markets, delivering on the Leeds Reforms, and on regulating for growth and not just for risk.
InvestConnect launch
The UK’s nations and regions will be connected to trillions of pounds of global capital through a new AI-enabled platform designed to accelerate investment into UK infrastructure projects.
Dame Susan Langley, The Lady Mayor will use her speech at the Mansion House to announce plans for InvestConnect, a new digital investor-led platform that will connect major professional investors with curated UK infrastructure and property investment opportunities.
Scottish Economy Secretary Stephen Flynn said: “As a founding partner, the Scottish Government looks forward to InvestConnect being an opportunity to build on our partnership agreement with the City of London Corporation and also work with other partners to unlock the potential of the platform.
“With globally-renowned talent, expertise and innovation running throughout our businesses and key sectors, Scotland offers a phenomenal investment proposition and InvestConnect offers an excellent opportunity to showcase this proposition to a significant global audience.”
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