HM Treasury

We’ve acted fast to set up the National Wealth Fund. Former Governor of the Bank of England Mark Carney agrees. Hear more about why he backs the Fund to unlock private investment and boost growth.

New from Chancellor Rt Hon Rachel Reeves today – immediate action to get Britain building: Unblocking stalled sites to get large housing schemes moving forward. Removal of the de facto ban on onshore wind in England, starting delivery on clean energy mission to cut bills. Find out more. https://lnkd.in/eRqbpKmc

The new Government is taking immediate action to fix the foundations of our economy.   This morning the Chancellor Rt Hon Rachel Reeves set out her plans to rebuild Britain and make every part of the country better off. Read more here: https://lnkd.in/eRqbpKmc

Watch live at 10:30am as Chancellor Rachel Reeves delivers her first speech on action this government is taking to deliver on the UK economy.

Restoring economic growth is now our national mission. It's a new start - and I'm ready to get to work.

Through sticking to the plan we're making progress to the Bank of England's 2% target on inflation. Hear from Chancellor Jeremy Hunt on what today's Office for National Statistics stats on inflation mean for people across the UK 👇

There is no other way to say it - the past couple of years have been tough. A worldwide pandemic as well as a brutal war caused by Vladimir Putin impacted global supply chains and the cost of energy, sending inflation in the UK to as high as 11.1% in October 2022. When the Prime Minister set out his promise to halve inflation in January 2023 many detractors scorned him, saying there was little government could do and that inflation would come down naturally, which was simply not true. That is why in the last couple of years we have been fighting tooth and nail to get inflation down to near the Bank of England's target of 2%, providing stability for families and businesses. That includes the Energy Price Guarantee which protected millions of families from historically high energy prices while reducing the peak of inflation. And we took difficult decisions on public sector pay so that any wage rises wouldn’t add pressure to inflation. On top of that, freezing alcohol duty and extending the fuel duty cut protected consumers from high prices in an environment where every penny counted. We also helped with the cost of living with our Mortgage Charter so borrowers across the country could have more flexibility to manage their monthly payments. This brings us to today. This morning the Office for National Statistics confirmed inflation has reached 2.3% - in line with the pre-pandemic average. Through actions we and the Bank have taken, families and businesses across the country now have more stability than they have had in almost three years. Alongside this, our economy is growing, real wages are rising faster than inflation, and we're attracting investment, with EY confirming international investment in the UK is up 6% from a year ago – bucking the trend of foreign direct investment falling across Europe. This isn’t about being a doomster versus being boosterish. This is about what the numbers are telling us. Yes, we have been through hard times, but there is now light at the end of the tunnel. Let’s stick to the plan and soon everyone will feel better off.

Inflation is now 2.3%. Let's stick to the plan.

The International Monetary Fund have upgraded our growth for this year & forecast we'll grow faster than any other large European country over the next 6 years. The Chancellor met the Managing Director of the IMF Kristalina Georgieva this morning at Number 11 to celebrate the good news.

Our R&D support is worth £8.7bn to the UK's science industry, and is helping companies like Moderna to develop the next generation of mRNA vaccines to protect the world from future pandemics. Watch to find out more from Financial Secretary Nigel Huddleston MP 👇