This Budget is a key moment in our plan for a one nation government. It is a Budget that puts security first. The economic security of a country that lives within its means. The financial security of lower taxes and a new National Living Wage. And the national security of a country that defends itself and its values. It is a One Nation Budget from a One Nation Government, continuing to move Britain from a low wage, high tax, high welfare economy to a higher wage, lower tax and lower welfare society. It will mean we continue down the path that we’ve set so that everyone has the opportunity to succeed – no matter your background or where you are in the country.
Thanks to the hard work and sacrifice of the British people over the last five years, working through our economic plan, we’ve been able to turn the economy round and we will not put that at risk. Britain is growing faster than any other major advanced economy and we are forecast to be the strongest growing major advanced economy for a second consecutive year.
Jobs are being created and living standards are rising strongly. Our businesses have created two million more jobs since 2010, and the forecast is that in current conditions almost a million more will be created in the next five years. Our ambition is to go further, working towards a target for full employment. Living standards are forecast to be higher this year than in 2010, and to continue growing.
In my own role I’ve seen at first hand the work of Government in supporting people come of welfare and get into work. Our 700 Jobcentres across the country are helping people either return to work, or make those first important steps towards building a career.
From across London, the Midlands, the North East, North West and across every region in the country our schemes and policies are supporting hard working people from every background be able to reach their full potential and create stronger futures for their families.
And we can see that in the employment figures. We have record levels of employment and the ethnic minority employment rate in this country is the highest it’s been since current records began.
Since 2010, we have seen two million more businesses created, record employment and more people in work.
But this is just the start. Behind the figures, we will make sure that everyone, regardless of their background and where they are from, can take up the opportunities offered by our growing economy to secure stable futures for their families and children.
The National Living Wage means people get a proper pay packet for a day’s work and do not have to depend on benefits to top up their earnings. It will start in April next year and will reach £9 by 2020. Some six million people are expected to feel the benefits as a result.
And we are giving our young people the opportunity to have the best start in life through education, training and apprenticeships.
We are continuing to reform welfare so it is fairer and affordable and so that it supports working families.
We are determined that young people do not slip into a life on benefits and that they have the best start in life. The new Youth Obligation for most 18 to 21-year-olds on Universal Credit will give them intensive support to help them move into sustainable employment from the first day of their claim.
If they are still claiming benefits after six months we will support them apply for apprenticeships or traineeships, gain skills or go on a work placement to give them the skills they need to get on in work.
It’s important that young people are set up to succeed in their careers, rather than facing the wage scar that comes from early experience of unemployment.
Together we are transforming our country so people can get on, earn a secure and regular wage and create a strong future for themselves and their families. We will do all this while protecting the most vulnerable, continuing to provide a safety net for those who need it. This will be a defining feature of this government.
