We need to boost the economy before Brexit

My Autumn Statement will develop infrastructure and skills – and add support for working families

The British people have taken the bold decision to chart a new course for this country outside the European Union. This Government is committed to delivering on their verdict. Unlike some politicians, I have heard the voice of the people, and my commitment is to deliver the best possible deal for Britain. No ifs, no buts.

As the economy adjusts to the new realities of leaving the EU, there will be both opportunities and challenges. Facing the future, we can take heart from the strength of the British economy in the lead-up to the referendum and its remarkable resilience since.

We – and when I say we, I mean the British people – have been hugely successful in turning our economy around since Labour’s Great Recession. The hard work and determination of the British people have played a vital role in getting this country back on track and back in shape. The economy has undergone an overhaul and produced some notable achievements: the deficit has been cut by two thirds, unemployment is under 5 per cent and we have the fastest growth rate of any major advanced economy in the world this year.

But we can’t rest on our laurels; we must continue to make progress towards living within our means and we must continue to strengthen the economy as we have been doing since 2010.

That means addressing the deficit, not leaving the burden of debt to future generations; it means ensuring economic growth is felt in all parts of the Union; and it means investing in skills and infrastructure to get our economy match-fit as we prepare for life outside the EU.

In addition, we must be ready to deal with uncertainty during the period of negotiating our exit from the EU and maintain the flexibility to respond as necessary. My first Autumn Statement will set out a plan for guiding our economy through this period, and preparing it for the future after we leave the EU. A plan to build an economy that works for everyone for the long term.

We have a great head-start: we have the world’s major international finance hub, world-leading science and technology centres of excellence, the most dynamic tech-innovation this side of Silicon Valley, and some of the most advanced manufacturers in the world.

But we need to step up a gear. We need to raise the overall productivity of the economy to the level of the best by investing in the infrastructure, the R&D, the skills and the innovation that will enable us not just to survive, but to prosper on the world stage. In the weeks ahead we will publish a modern industrial strategy for the 21st century to tackle the weaknesses and build on the strengths of UK Plc as we enter the Fourth Industrial Revolution.

By investing in our national infrastructure and skills, we can do even better than before; we can improve our historically low levels of productivity and up our game even further. For too long, taxpayerfunded investment hasn’t been sufficiently targeted on generating economic returns for the country. On my watch it will be. Especially when finances are so tight, taxpayers are right to expect that every penny will be carefully targeted to get the maximum benefit for the economy. And strengthening our economy is the only sustainable way to protect our world-class public services.

In the run-up to this Autumn Statement, I have met nearly 100 representatives of businesses, small and large, from financial services to pharmaceuticals, from small start-ups to global giants. I’ve heard their views on our economy and what more they need from this Government. And, being a former businessman, I know how companies crave stability and certainty above virtually anything else. As Chancellor, I will seek to provide that reassurance to companies up and down the country as we navigate uncertain times ahead.

The UK is an attractive place to invest, as we have seen with a whole host of foreign investments in this country announced since the referendum in June, and this Government will go out of its way to encourage many more. Only this week, Google announced plans to invest a further £1 billion and to create 3,000 new jobs.

And in choosing to invest in enhancing our infrastructure, we will also boost our ability to attract companies to this country, as a modern, competitive and dynamic place to do business.

But it isn’t just a strong economy that we must build to ensure we continue our path to growth and prosperity. It is also a fair economy; an economy in which everyone has the opportunity to share in the prosperity being created. So we will prioritise support to ordinary working families who are struggling to get by, so that they, too, can join in our vision of Britain’s future.

This Autumn Statement will be about preparing the British economy for the journey ahead, taking on the challenges we face, providing stability to business and ensuring we build an economy that works for everyone.