Labour's first Budget in 14 years

In 1998, I travelled to Parliament to hear the first Labour Budget after 18 years. It was a huge moment that heralded great change.

Today’s Budget felt even more momentous. Not only was it the first budget from a Labour government in 14 years, but it was the first ever from a female Chancellor.

Rachel Reeves set out how this Government will deliver on the change for which the people in Bristol South voted. It marks a new chapter in Britain’s future and the start of a decade of national renewal.

We committed to rebuilding our public services. So Rachel delivered an extra £25.6 billion over two years to rebuild the NHS, delivering on our manifesto commitment of 40,000 extra hospital appointments a week, cutting waiting lists. This was part of a broader package of £100 billion over the next five years, to rebuild schools, repair hospitals, create thousands of new homes, and drive green energy projects.

Millions of low-paid workers will receive a pay rise, thanks to the Chancellor’s decision to increase the National Living Wage by 6.7% - worth up to £1,400 per year for a full-time worker.

These are just some of the measures announced in the Budget, all part of Labour’s mission for sustainable economic growth. These investments were made possible thanks to difficult decisions taken by the Chancellor. This means asking the wealthiest and bigger business pay their fair share, while protecting the finances of working people - with no higher taxes in your pay packet. This was a promise made, and a promise fulfilled.

This is a Budget that will make Britain better off. I’m excited to see these changes take effect in Bristol South.