Chancellor hits the right notes in Conference speech

24 Sep 2024

Chancellor of the Exchequer Rachel Reeves hit the right notes in her speech to the Labour Party conference, says the Confederation of British Industry (CBI).

Ms Reeves told the Conference in Liverpool that 'Britain is open for business once again'.

The Chancellor said that priority industries will be announced, such as accelerating the net zero strategy and making Britain a 'clean energy superpower'.

It was confirmed the change to the Winter Fuel Payment will still go ahead this year.

Additionally, a Covid Corruption Commissioner was announced, which will 'block any Covid-era PPE contract being abandoned or waived until it has been assessed'.

This commissioner will impact £647 million of Covid PPE contracts which have been 'earmarked to be waived,' said Labour.

Ms Reeves also promised 200 more tax compliance officer positions being recruited in the next year alone with the ambition to add 5,000 new officers to HMRC in the next five years.

Rain Newton-Smith, CBI CEO, said: 'The Chancellor hit the right notes in a speech that balanced the need for fiscal responsibility with an optimistic pitch to investors about the strengths of the UK economy. Businesses will be further reassured to hear that while the government won't duck difficult decisions, they will be taken in the context of a return to long-term sustainable growth.'