UK PM Starmer Pledges Economic Reforms After Budget Shortfall

British Prime Minister Keir Starmer spoke on Saturday about plans to make the UK economy better. This comes after his government’s first budget did not raise hopes for growth. Instead, it caused government bond prices to drop over two days.

Finance Minister Rachel Reeves shared a budget plan on Wednesday. The plan included higher taxes, more borrowing, and extra government spending. But the Office for Budget Responsibility (OBR) said that they think economic growth will be weaker than before, especially after next year.

Because of these budget plans, government bond prices went down. This made borrowing costs go up a lot right after Reeves’ speech. Even though the prices settled down on Friday, the quick drop raised worries about the future.

In an article in the Financial Times, Starmer called the budget a "first step on our mission for growth." He said it showed the need to fix the "creaking central state" and to improve public services. He also talked about needing more money from private businesses.

Starmer shared some ideas his government has to help the economy grow. These include required housing goals, changes to planning rules, faster approval for clean energy projects, and a review of how business regulators work.

He explained that these reforms will take careful work. Because of this, they can’t be included in the OBR's growth forecasts just yet. Still, he encouraged everyone to stay positive about the chance for improvement.

Starmer’s goal is clear: he wants the UK to be one of the best places for investment and business, not just in Europe but around the whole world. His government thinks that these changes are necessary to make the economy stronger.

The recent budget was a big moment for Starmer and his team. It showed the challenges they face in helping the economy grow. With rising costs of living affecting many families, people are watching closely to see how the government manages money.

Starmer's government is eager to show that they can help the UK have better economic times. They want to bring in more businesses and make it easier for people to invest.

One important part of their plan is about housing. Starmer said there will be required goals for building homes. This means that local councils will need to build a certain number of houses. The goal is to make sure more people can find affordable homes.

Another big focus is on clean energy projects. Starmer wants to make the process of approving these projects faster. This will help the UK switch to greener energy, which is good for the planet and will create jobs.

Starmer also mentioned that they need to look at how regulators work. This means checking the rules and agencies that watch over businesses. By improving these systems, the government hopes to make it easier for companies to succeed.

Overall, Starmer’s message is one of hope. He believes that with the right changes, the UK can get more investment and build a stronger economy. His government is ready to take action, and they want the public’s support as they work toward these goals.