Rachel Reeves has outlined her plans to "strengthen our nation's defences", by increasing defence spending to 2.5% of GDP and to build 1.5 million new homes. The chancellor acknowledges that the OBR has downgraded the UK's growth forecast for 2025 from 2% to 1%, but adds, "it has upgraded growth for next year and every year after that". Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00The cost of living crisis is still very real for people in Britain.
00:04Global instability is holding back prosperity across the world
00:08and countries across Europe are rightly having to spend more on defence.
00:13That is why today I have spelled out how we are going further and faster in delivering our plan for change.
00:19We are strengthening our nation's defences with £2.2 billion as a further down payment
00:25on our plans to deliver defence spending worth 2.5% of GDP by April 2027.
00:31We are seizing the opportunities of a changing world
00:34with a commitment to make Britain a defence industrial superpower
00:38to create jobs, prosperity and opportunity in every corner of Britain.
00:43And we are getting Britain building again with our plans to build 1.5 million new homes.
00:48The plan for change is working.
00:51The Office of Budget Responsibility has today revised down economic growth for this year
00:56but it has upgraded growth for next year and every year after that.
01:00The economy will be larger at the end of the forecast than predicted in October.
01:06Our planning reforms alone will add £6.8 billion to the size of our economy by 2029-30.
01:13And real household disposable incomes, the money in people's pockets, will rise by £500 a year per person on average.
01:21There are no quick fixes, no shortcuts to prosperity.
01:25But we have returned stability to our economy.
01:28We have brought back security for working people.
01:31And we are delivering national renewal.