saying let's not do anything daft over the next few days. steady as she goes, try and keep it calm, don't do anything to put voters off, so i suspect that will be the core message we hear over the next half hour or so. message we hear over the next half hour or 50-— message we hear over the next half hour or so. ., ., ~ , ., , hour or so. you mentioned keywords - bein: hour or so. you mentioned keywords - being sensible — hour or so. you mentioned keywords - being sensible and _ hour or so. you mentioned keywords - being sensible and not _ hour or so. you mentioned keywords - being sensible and not wanting - hour or so. you mentioned keywords - being sensible and not wanting to - being sensible and not wanting to scare voters, but at the same time they want to show voters they offer different policies and a different type of government. what do you think they can do to try and handle those two approaches? on the one hand to be sensible and cautious but on the other hand to try to attract new voters? it’s on the other hand to try to attract new voters?— on the other hand to try to attract new voters? �* , ., ., ., , ., ., new voters? it's a good question and there are some _ new voters? it's a good question and there are some people _ new voters? it's a good question and there are some people at _ new voters? it's a good question and there are some people at this - there are some people at this conference, union leaders for example, who would say labour needs to be a lot more bold in its offerings to the electorate. i think the next general election will be a battle over a change. we had rishi sunak last week saying "i'm the candidate of change, i have looked at some of the problems the country has and i'm prepared to take difficult solutions". i was at an event with keir starmer last night where he was arguing that was nonsense, there's no way the conservatives can be candidate for change given they have been in power for 20 years, and it is me, change given they have been in power for20 years, and it is me, keir starmer, who has ideas that will change the country. so there will be that battle to be seen as the change candidate. i think labour's pitch will be, what have you seen over the last 20 years? do you think under the conservative things have got better? and if you don't, why vote for them again? why not make a change and vote for someone different? you are seeing on the screen the introductory videos you always get at these events which often take a few minutes and they are almost like a celebrity arriving at an event where they give a big pitch about what they have done over the last few months in office. but rachel reeves i think we'll want to say to voters as part of that change pitch, look, we have a big plan to get the economy back on track, we are going to be ambitious, we are going to do everything we can to improve economic growth, to improve productivity. they ask a really salient question, can you do that at the same time is not trying to rock the same time is not trying to rock the boat? is it compatible to give steady as she goes and a change message? that's the big challenge labour has at this conference. conference, it is a privilege to stand — conference, it is a privilege to stand here is your shadow chancellor. today i make this commitment to you and to our country out of— commitment to you and to our country out of the _ commitment to you and to our country out of the wreckage of tory misrule. labour_ out of the wreckage of tory misrule. labour will_ out of the wreckage of tory misrule. labour will restore our economic and ability, _ labour will restore our economic and ability, we _ labour will restore our economic and ability, we will lift our living standards, make work pay, rebuild our public— standards, make work pay, rebuild our public services, invest in home—grown industries in every corner_ home—grown industries in every corner of— home—grown industries in every corner of our country, and together we will— corner of our country, and together we will get — corner of our country, and together we will get britain its future back. this is a momentous week. for too long. _ this is a momentous week. for too long. we _ this is a momentous week. for too long, we have gathered in these halls _ long, we have gathered in these halls with— long, we have gathered in these halls with the power to talk but not with the _ halls with the power to talk but not with the power to do. 13 years of opposition— with the power to do. 13 years of opposition to remind us of that eternal— opposition to remind us of that eternal political truth, that it is only— eternal political truth, that it is only through power that we can put our principles into action. under keir's _ our principles into action. under keir's leadership, that opportunity is finally within our grasp, but only— is finally within our grasp, but only if— is finally within our grasp, but only if we _ is finally within our grasp, but only if we allow no complacency, only if we allow no complacency, only if we — only if we allow no complacency, only if we fight for every single vote _ only if we fight for every single vote. only if we work every day to show _ vote. only if we work every day to show that — vote. only if we work every day to show that we are the party with the discipline. — show that we are the party with the discipline, with the determination and with— discipline, with the determination and with the vision to rebuild britain — britain. applause labour's task is to restore hope to our politics. — labour's task is to restore hope to our politics, the hope that lets us face the _ our politics, the hope that lets us face the future with confidence. with _ face the future with confidence. with a _ face the future with confidence. with a new era of economic security. because _ with a new era of economic security. because there is no hope without security — because there is no hope without security. you cannot dream big if you cannot — security. you cannot dream big if you cannot sleep in peace at night. the peace — you cannot sleep in peace at night. the peace that comes from knowing you have _ the peace that comes from knowing you have enough to put aside for a rainy— you have enough to put aside for a rainy day— you have enough to put aside for a rainy day and the knowledge that when _ rainy day and the knowledge that when you — rainy day and the knowledge that when you need them, strong public services _ when you need them, strong public services will be there for you and your— services will be there for you and your family. the strength that allows — your family. the strength that allows a — your family. the strength that allows a society withstand global shocks _ allows a society withstand global shocks because it is from those strong — shocks because it is from those strong foundations of security that hope can _ strong foundations of security that hope can spring. conference, the choice _ hope can spring. conference, the choice at — hope can spring. conference, the choice at the next election is this - five _ choice at the next election is this - five more — choice at the next election is this — five more years of the tory chaos and uncertainty which has left working — and uncertainty which has left working people worse off or a changed — working people worse off or a changed labour party offering stability, investment and economic security— stability, investment and economic security so— stability, investment and economic security so that working people are better _ security so that working people are better off — security so that working people are better off. it falls to us to show that labour are ready to serve, ready— that labour are ready to serve, ready to — that labour are ready to serve, ready to lead and ready to rebuild britain _ britain. applause in chess, you learn to think several moves _ in chess, you learn to think several moves ahead, but even i could not have _ moves ahead, but even i could not have predicted the mayhem that we have predicted the mayhem that we have seen — have predicted the mayhem that we have seen. week after week, year after— have seen. week after week, year after year— have seen. week after week, year after year from this conservative government. first austerity, then brexit— government. first austerity, then brexit without a plan, then their kamikaze — brexit without a plan, then their kamikaze budgets. growth, weak. wagers. _ kamikaze budgets. growth, weak. wagers, flat. the price of energy, up. wagers, flat. the price of energy, un the _ wagers, flat. the price of energy, up. the price of the family food shop. _ up. the price of the family food shop. un — up. the price of the family food shop, up. and mortgage bills up several— shop, up. and mortgage bills up several hundred pounds every single month _ several hundred pounds every single month. neverforget. this several hundred pounds every single month. never forget. this time last year. _ month. never forget. this time last year. in _ month. never forget. this time last year. intheir— month. never forget. this time last year, in their clamourto month. never forget. this time last year, in their clamour to cut taxes for those — year, in their clamour to cut taxes for those at — year, in their clamour to cut taxes for those at the top, the conservatives cause to market chaos, crashed _ conservatives cause to market chaos, crashed the _ conservatives cause to market chaos, crashed the economy and left working people _ crashed the economy and left working people to _ crashed the economy and left working people to pay the price. that is why you can _ people to pay the price. that is why you can never trust the tories with our economy— you can never trust the tories with our economy ever again. applause what did we see last week from the tories _ what did we see last week from the tories in _ what did we see last week from the tories in manchester? a government bereft _ tories in manchester? a government bereft of— tories in manchester? a government bereft of ambition for britain. looking — bereft of ambition for britain. looking inwards, not outwards to the country _ looking inwards, not outwards to the country. queueing to cheer the extremists rather than kicking them out of— extremists rather than kicking them out of their— extremists rather than kicking them out of their party. and telling us what _ out of their party. and telling us what we — out of their party. and telling us what we already know — liz truss might _ what we already know — liz truss might be — what we already know — liz truss might be out of downing street but she is— might be out of downing street but she is still— might be out of downing street but she is still leading the conservative party. the one sensible thing _ conservative party. the one sensible thing that— conservative party. the one sensible thing that they came up with was their— thing that they came up with was their phased smoking ban, which we support _ their phased smoking ban, which we support. however, ido their phased smoking ban, which we support. however, i do fear for the conservative party. with such a shortage — conservative party. with such a shortage of fag packets, what on earth _ shortage of fag packets, what on earth are — shortage of fag packets, what on earth are they going to write their next policy— earth are they going to write their next policy on? laughter applause and what about the prime minister? rishi sunak had the chance to denounce _ rishi sunak had the chance to denounce the politics and the policies — denounce the politics and the policies of liz truss, to make clear that he _ policies of liz truss, to make clear that he would never repeat her mistakes _ that he would never repeat her mistakes. but he didn't. if he is too weak— mistakes. but he didn't. if he is too weak to— mistakes. but he didn't. if he is too weak to stand up to them one year in. _ too weak to stand up to them one year in, what chance do you give him five years _ year in, what chance do you give him five years in — year in, what chance do you give him five years in a — year in, what chance do you give him five years in a stew might be in no doubt, _ five years in a stew might be in no doubt, the — five years in a stew might be in no doubt, the biggest risk to britain's economy— doubt, the biggest risk to britain's economy is five more years of the conservative party. applause in contrast, labour is defining economic— in contrast, labour is defining economic mission is to restore growth — economic mission is to restore growth to— economic mission is to restore growth to britain. but it is no use simply— growth to britain. but it is no use simply claiming we want economic growth _ simply claiming we want economic growth. without new ideas for how we can achieve _ growth. without new ideas for how we can achieve it. that starts with understanding the world as it is today — understanding the world as it is today a— understanding the world as it is today. a world that has been reshaped by new technologies, by the pandemic, _ reshaped by new technologies, by the pandemic, by war, by great power rivalries— pandemic, by war, by great power rivalries and by the climate crisis. in short. — rivalries and by the climate crisis. in short, globalisation as we once knew— in short, globalisation as we once knew it _ in short, globalisation as we once knew it is dead. disruption to supply— knew it is dead. disruption to supply chains that spanned the globe has revealed the perils of prising only the — has revealed the perils of prising only the fastest and cheapest. and our ability— only the fastest and cheapest. and our ability to make the thing is essential— our ability to make the thing is essential to our national security has been — essential to our national security has been depleted. great gaps have been allowed to open up between different— been allowed to open up between different parts of the country and we have — different parts of the country and we have time and time again been buffeted _ we have time and time again been buffeted by global forces. in this new age — buffeted by global forces. in this new age of insecurity, it's no longer— new age of insecurity, it's no longer enough, if it ever was, for government to turn a blind eye to where _ government to turn a blind eye to where things are made or who is making — where things are made or who is making them, to run an economy based on the _ making them, to run an economy based on the contributions of only a few people. _ on the contributions of only a few people. a — on the contributions of only a few people, a few industries and a few parts _ people, a few industries and a few parts of— people, a few industries and a few parts of our— people, a few industries and a few parts of our country. a changed world _ parts of our country. a changed world demands a new business model for britain _ world demands a new business model for britain. it is an approach that i call— for britain. it is an approach that i call securenomics. security for family— i call securenomics. security for family finances and security for our national— family finances and security for our national economy. it means we must rebuild _ national economy. it means we must rebuild our— national economy. it means we must rebuild our ability to do, make and sell more — rebuild our ability to do, make and sell more here in britain so we are less exposed to global shocks. governments around the world have come _ governments around the world have come to— governments around the world have come to understand this in a way that our— come to understand this in a way that our government cannot, that wealth— that our government cannot, that wealth does not trickle down from a few at _ wealth does not trickle down from a few at the _ wealth does not trickle down from a few at the top but rests on the contribution of the many. on the skill and — contribution of the many. on the skill and dedication of those who work— skill and dedication of those who work in _ skill and dedication of those who work in our— skill and dedication of those who work in our every day economy. postal _ work in our every day economy. postal workers, supermarket workers, entrepreneurs, innovators and scientists _ entrepreneurs, innovators and scientists. growth from the bottom up scientists. growth from the bottom up and _ scientists. growth from the bottom up and the — scientists. growth from the bottom up and the middle out. an economy rebuilt _ up and the middle out. an economy rebuilt in _ up and the middle out. an economy rebuilt in the interests of working people _ because from security comes hope. labour— because from security comes hope. labour will— because from security comes hope. labour will commit itself to rebuilding that security, to restoring that hope. labour is ready to serve. _ restoring that hope. labour is ready to serve, ready to lead, ready to rebuild _ to serve, ready to lead, ready to rebuild britain. applause conference, i do not underestimate the scale _ conference, i do not underestimate the scale of— conference, i do not underestimate the scale of the task ahead, nor the problems— the scale of the task ahead, nor the problems we would inherit in government. they demand hard work, determination and tough decisions. the exhaustion of conservative ideas does not _ the exhaustion of conservative ideas does not allow us to take for granted _ does not allow us to take for granted the people we seek to represent. change will only be achieved — represent. change will only be achieved on the basis of iron discipline. working people rightly ekpect— discipline. working people rightly expect nothing less. because when you play— expect nothing less. because when you play fast and loose with the public _ you play fast and loose with the public finances, you put at risk family— public finances, you put at risk family finances. when prices soar, it is working — family finances. when prices soar, it is working people that pay that price _ it is working people that pay that price like — it is working people that pay that price. like the mother that i met in scarborough earlier this year. the mental— scarborough earlier this year. the mental health nurse who had moved back home _ mental health nurse who had moved back home with her mum for five years— back home with her mum for five years with — back home with her mum for five years with her young family to save the deposit to buy a home of her own _ the deposit to buy a home of her own only— the deposit to buy a home of her own. only to find that when she was on the _ own. only to find that when she was on the cusp— own. only to find that when she was on the cusp of fulfilling that dream, _ on the cusp of fulfilling that dream, after all that sacrifice, the mortgage — dream, after all that sacrifice, the mortgage costs that she would face outstripped her income and she had no chance _ outstripped her income and she had no chance of meeting them. this is one of— no chance of meeting them. this is one of thousands of similar stories, stories— one of thousands of similar stories, stories i_ one of thousands of similar stories, stories i hear wherever i go, of people — stories i hear wherever i go, of people who have worked hard and done all the _ people who have worked hard and done all the right— people who have worked hard and done all the right things but whose dreams— all the right things but whose dreams have been dashed by the choices— dreams have been dashed by the choices of— dreams have been dashed by the choices of this conservative government, people who we must not and will— government, people who we must not and will not _ government, people who we must not and will not let down. applause soa so a labour government will not waver— so a labour government will not waver from ironclad fiscal rules, nor play — waver from ironclad fiscal rules, nor play the tory game of undermining economic institutions. i started _ undermining economic institutions. i started my— undermining economic institutions. i started my career as an economic st at the _ started my career as an economic st at the bank— started my career as an economic st at the bank of england and saw the lasting _ at the bank of england and saw the lasting contribution it made to britain's — lasting contribution it made to britain's economic success. so we will detect— britain's economic success. so we will detect the independence of the bank _ will detect the independence of the bank the _ will detect the independence of the bank. the office for budget responsibility and our civil service _ responsibility and our civil service. and as chancellor, i will put forward _ service. and as chancellor, i will put forward a new charter for budget responsibility, a new fiscal lop guaranteeing in law that any government making permanent and significant tax and spending changes will be _ significant tax and spending changes will be subject to an independent forecast — will be subject to an independent forecast from the office for budget responsibility. applause never again! never again applause neveragain! neveragain will we allow— neveragain! neveragain will we allow a _ neveragain! neveragain will we allow a repeat of the devastation that liz_ allow a repeat of the devastation that liz truss and the tory party have _ that liz truss and the tory party have inflicted on family finances. never— have inflicted on family finances. never again will a prime minister nor chancellor be allowed to rush through— nor chancellor be allowed to rush through plans which are uncosted, and scrutinised and wholly detached from economic reality. but let me address directly those who say— but let me address directly those who say that to make hard choices to make _ who say that to make hard choices to make the _ who say that to make hard choices to make the same choices as the tory party~ _ make the same choices as the tory party~ to _ make the same choices as the tory party. to them i say economic responsibility does not detract from advances— responsibility does not detract from advances for working people. it is the foundation upon which progress is built _ the foundation upon which progress is built. hard choices, but labour choices — is built. hard choices, but labour choices the _ is built. hard choices, but labour choices. the choice to back our high streets _ choices. the choice to back our high streets and — choices. the choice to back our high streets and small businesses by requiring — streets and small businesses by requiring online tech giants to pay their fair— requiring online tech giants to pay their fair share. requiring online tech giants to pay theirfair share. the requiring online tech giants to pay their fair share. the choice to levy a proper— their fair share. the choice to levy a proper windfall tax on the huge profits— a proper windfall tax on the huge profits that the energy giants are making — profits that the energy giants are making. so that working people do not bear— making. so that working people do not bear the brunt of the crisis they— not bear the brunt of the crisis they did — not bear the brunt of the crisis they did not create. the choice to abolish _ they did not create. the choice to abolish the — they did not create. the choice to abolish the non—dom tax status and put that— abolish the non—dom tax status and put that money into our national health _ put that money into our national health service instead. applause because, conference, if you make your home — because, conference, if you make your home in britain, you should pay your home in britain, you should pay your taxes— your home in britain, you should pay your taxes here too, and with labour your taxes here too, and with labour you with _ your taxes here too, and with labour you with and — your taxes here too, and with labour you will. and another choice, in my first budget — you will. and another choice, in my first budget as chancellor of the exchequer, i will end the tax loophole _ exchequer, i will end the tax loophole which exempts private schools — loophole which exempts private schools from paying vat and business rates _ schools from paying vat and business rates and. _ schools from paying vat and business rates. and, conference, we will put that money— rates. and, conference, we will put that money into helping the 93% of our children in our state schools. cheering — our children in our state schools. cheering and applause and i tell you, if rishi sunak wants a fight _ and i tell you, if rishi sunak wants a fight on — and i tell you, if rishi sunak wants a fight on this, if the party that has herded our children into portakabins while our school crumble porta kabins while our school crumble once a _ porta kabins while our school crumble once a fight _ portakabins while our school crumble once a fight about who has the most aspiration _ once a fight about who has the most aspiration for our children, then i say bring — aspiration for our children, then i say bring it— aspiration for our children, then i say bring it on! cheering and applause conference, we are ready to serve, ready— conference, we are ready to serve, ready to _ conference, we are ready to serve, ready to lead and ready to rebuild britain _ britain. applause thank you. i didn't come into thank you. ididn't come into politics— thank you. i didn't come into politics to _ thank you. i didn't come into politics to raise taxes on working people. — politics to raise taxes on working people, indeed i want them to be lowen _ people, indeed i want them to be lowen but — people, indeed i want them to be lower. but the tories have piled 25 tax rises _ lower. but the tories have piled 25 tax rises on — lower. but the tories have piled 25 tax rises on ordinary working people and businesses while allowing the wealthiest to avoid taxes, keeping loophole _ wealthiest to avoid taxes, keeping loophole is open and letting government waste spiral. taxpayers' money— government waste spiral. taxpayers' money should be spent with the same care with _ money should be spent with the same care with which we spend our own money _ care with which we spend our own money i— care with which we spend our own money. i remember my mum would sit around _ money. i remember my mum would sit around the _ money. i remember my mum would sit around the kitchen table with her bank _ around the kitchen table with her bank statements and her receipts. we weren't_ bank statements and her receipts. we weren't badly off but we didn't have money— weren't badly off but we didn't have money to— weren't badly off but we didn't have money to spare. for my mum, every penny— money to spare. for my mum, every penny mattered. i learned that same lesson— penny mattered. i learned that same lesson that _ penny mattered. i learned that same lesson that the bank of england. responsibility must always come first _ responsibility must always come first for— responsibility must always come first. fortoo responsibility must always come first. for too long, tory governments have allowed money to be wasted _ governments have allowed money to be wasted and _ governments have allowed money to be wasted and taxpayers defrauded. so labour— wasted and taxpayers defrauded. so labour will— wasted and taxpayers defrauded. so labour will wage a war against fraud, — labour will wage a war against fraud, waste and inefficiency. today i can announce three further fronts on labour's — i can announce three further fronts on labour's war against waste. first we will— on labour's war against waste. first we will crack — on labour's war against waste. first we will crack down on tory ministers' _ we will crack down on tory ministers' private jet habit. laughter what is rishi sunak so scared of in his private — what is rishi sunak so scared of in his private jets? meeting about? well, _ his private jets? meeting about? well, we — his private jets? meeting about? well, we will properly enforce the ministerial code on the use of private — ministerial code on the use of private planes and save millions of pounds _ private planes and save millions of pounds for — private planes and save millions of pounds for taxpayers in the process. second. _ pounds for taxpayers in the process. second. we — pounds for taxpayers in the process. second, we will slash government consultancy spending which has almost — consultancy spending which has almost quadrupled injust six consultancy spending which has almost quadrupled in just six years. consultants can play an important role, _ consultants can play an important role but — consultants can play an important role, but taxpayers must get value for money, — role, but taxpayers must get value for money, so we will introduce tough _ for money, so we will introduce tough new— for money, so we will introduce tough new rules. if government wants tough new rules. if government wants to bring _ tough new rules. if government wants to bring in_ tough new rules. if government wants to bring in consultants, they must demonstrate value for money. and if they cannot, — demonstrate value for money. and if they cannot, that request be denied. we will— they cannot, that request be denied. we will aim — they cannot, that request be denied. we will aim to cut consultancy spending _ we will aim to cut consultancy spending in half over the next parliament. and third, we will go after— parliament. and third, we will go after those who profited from the carnival— after those who profited from the carnival of waste during the pandemic. cheering and applause today, the cost to the taxpayer of covid-l9 — today, the cost to the taxpayer of covid—19 fraud is estimated at {7.2 billion _ covid—19 fraud is estimated at {7.2 billion. with every single one of those _ billion. with every single one of those checks are signed by rishi sunak— those checks are signed by rishi sunak as — those checks are signed by rishi sunak as chancellor. and yet, just 2% of— sunak as chancellor. and yet, just 2% of all— sunak as chancellor. and yet, just 2% of all fraudulent covid grants have _ 2% of all fraudulent covid grants have been recovered. so i can announce _ have been recovered. so i can announce today that we will appoint announce today that we will appoint a covid _ announce today that we will appoint a covid corruption commissioner, supported — a covid corruption commissioner, supported by a hit squad of investigators, equipped with the powers— investigators, equipped with the powers they need and the mandate to do whatever it takes to claw back the money— do whatever it takes to claw back the money that has ripped off the taxpayer, — the money that has ripped off the taxpayer, to take the fraudsters to court _ taxpayer, to take the fraudsters to court and — taxpayer, to take the fraudsters to court and get back every penny of taxpayers' — court and get back every penny of taxpayers' money that they can. because. — taxpayers' money that they can. because, conference, that money belongs _ because, conference, that money belongs in — because, conference, that money belongs in our nhs, it belongs in our police — belongs in our nhs, it belongs in our police, it belongs in our schools. _ our police, it belongs in our schools, and let me tell you, we want _ schools, and let me tell you, we want that — schools, and let me tell you, we want that money back. we are ready to serve. _ want that money back. we are ready to serve. we — want that money back. we are ready to serve, we are ready to lead. conference, we are ready to rebuild britain _ britain. cheering and applause labour will tax fairly and spend wisely. — labour will tax fairly and spend wisely, but conference, i must tell you. _ wisely, but conference, i must tell you. you _ wisely, but conference, i must tell you, you cannot tax and spend your way to _ you, you cannot tax and spend your way to economic growth. the lifeblood _ way to economic growth. the lifeblood of a growing economy is business — lifeblood of a growing economy is business investment. it is investment that allows businesses to ekpand, _ investment that allows businesses to expand, create jobs and compete with international rivals. with new plants — international rivals. with new plants, factories and research labs coming _ plants, factories and research labs coming to— plants, factories and research labs coming to britain, not france, germany— coming to britain, not france, germany or america. today we lag behind _ germany or america. today we lag behind peers for private sector investment as a share of gdp. with tens of— investment as a share of gdp. with tens of billions pounds less spent on new_ tens of billions pounds less spent on new machinery and infrastructure. is that _ on new machinery and infrastructure. is that because british people are not as— is that because british people are not as hard—working or as creative or as _ not as hard—working or as creative or as enterprising? no. not as hard—working or as creative oras enterprising? no. british businesses from life sciences to creative — businesses from life sciences to creative industries, from digital to financial— creative industries, from digital to financial services can and do lead the world — financial services can and do lead the world. but they have been held back by— the world. but they have been held back by the chaos and instability of this conservative government. so labour— this conservative government. so labour will— this conservative government. so labour will aim this conservative government. so labourwillaim to this conservative government. so labour will aim to restore investment as a share of our gdp to the level— investment as a share of our gdp to the level that it was under the last labour— the level that it was under the last labour government and to bring us in line with _ labour government and to bring us in line with our — labour government and to bring us in line with our peers. adding an additional £50 billion to our gdp every— additional £50 billion to our gdp every single year, worth £1700 for every— every single year, worth £1700 for every household in britain. but we know _ every household in britain. but we know too — every household in britain. but we know too that asking businesses to do all— know too that asking businesses to do all the _ know too that asking businesses to do all the heavy lifting while government steps back is not an option — government steps back is not an option as — government steps back is not an option. as our competitors understand, there is a role for government in encouraging and de—risking investment in new and growing _ de—risking investment in new and growing industries, so we will provide — growing industries, so we will provide catalytic investment through a new— provide catalytic investment through a new national wealth fund. financial— a new national wealth fund. financial responsibility means knowing — financial responsibility means knowing when not to spend, but it also means — knowing when not to spend, but it also means making sure that when you invest. _ also means making sure that when you invest. you _ also means making sure that when you invest, you get the bang for your buck _ invest, you get the bang for your buck so— invest, you get the bang for your buck so we _ invest, you get the bang for your buck. so we will set the wealth fund a target _ buck. so we will set the wealth fund a target. we were leveraged in three times— a target. we were leveraged in three times as _ a target. we were leveraged in three times as much private investment for every— times as much private investment for every pound — times as much private investment for every pound put in. and no matter what _ every pound put in. and no matter what political games the tories are willing _ what political games the tories are willing to _ what political games the tories are willing to play over our energy transition, no matter how willing they are — transition, no matter how willing they are to— transition, no matter how willing they are to ignore the warnings of businesses, investors and trade unions — businesses, investors and trade unions no _ businesses, investors and trade unions, no matter how many times they put— unions, no matter how many times they put short—term political calculation over the security and the prosperity of the british people. _ the prosperity of the british people, labourwill the prosperity of the british people, labour will make the long term _ people, labour will make the long term decisions and invest in british industry. _ term decisions and invest in british industry, driving down bills and creating — industry, driving down bills and creating newjobs. jobs for plumbers, builders and electricians, 'obs plumbers, builders and electricians, jobs for— plumbers, builders and electricians, jobs for scientists, designers and engineers — jobs for scientists, designers and engineers in green hydrogen and carbon— engineers in green hydrogen and carbon capture and storage, in grangemouth, middlesbrough, swansea and hult _ grangemouth, middlesbrough, swansea and hull. steel, in offshore wind in five, _ and hull. steel, in offshore wind in five, plymouth and newport, making electric— five, plymouth and newport, making electric car— five, plymouth and newport, making electric car batteries in coventry, sunderland and in blyth, and jobs retrofitting homes in keighley, rochester and warrington, under every _ rochester and warrington, under every village, town and city across our great — every village, town and city across our great country. ready to serve, ready— our great country. ready to serve, ready to — our great country. ready to serve, ready to lead, ready to rebuild britain — britain. cheering and applause and conference, if we want to spur investment, — and conference, if we want to spur investment, restore economic security— investment, restore economic security and revive growth, then we must _ security and revive growth, then we must get _ security and revive growth, then we must get britain building again. but the tories _ must get britain building again. but the tories would have you believe we can't build _ the tories would have you believe we can't build anything in britain any more _ can't build anything in britain any more in — can't build anything in britain any more. in fact, the single biggest obstacle — more. in fact, the single biggest obstacle to building infrastructure, to investment and to growth in this country— to investment and to growth in this country is _ to investment and to growth in this country is the conservative party itself _ country is the conservative party itself. just — country is the conservative party itself. just look at the fate of h52. _ itself. just look at the fate of h52, a — itself. just look at the fate of h52, a major transport project lost. hsz, a major transport project lost. another— hsz, a major transport project lost. another promise broken. because the government could not keep costs under— government could not keep costs under control. by the time this government even recognised they had a problem. _ government even recognised they had a problem, the project was already £30 billion over budget. the question— £30 billion over budget. the question must be, how was it ever allowed _ question must be, how was it ever allowed to— question must be, how was it ever allowed to get to that point? if i were _ allowed to get to that point? if i were in— allowed to get to that point? if i were in the treasury, i would have been _ were in the treasury, i would have been on _ were in the treasury, i would have been on the — were in the treasury, i would have been on the phone to the chief executive _ been on the phone to the chief executive of h52 nonstop, demanding answers _ executive of h52 nonstop, demanding answers and solutions on behalf of taxpayers — answers and solutions on behalf of taxpayers, businesses and communities. but with this government, it's become a pattern. when _ government, it's become a pattern. when it— government, it's become a pattern. when it comes to getting things build _ when it comes to getting things build and projects delivered, britain — build and projects delivered, britain has become the sick man of europe _ britain has become the sick man of europe. with hsz coming in at ten times— europe. with hsz coming in at ten times the — europe. with hsz coming in at ten times the cost of the french equivalent. and that is why our shadow— equivalent. and that is why our shadow transport secretary louise hague _ shadow transport secretary louise hague will commission an independent ekpert— hague will commission an independent expert inquiry into hsz to learn the lessons _ expert inquiry into hsz to learn the lessons for— expert inquiry into hsz to learn the lessons for the future. applause because many more major government capital projects are running over time, over budget and are in danger of going undelivered. it is incumbent on government to make sure major projects are delivered on—time and on budget. i will not tolerate taxpayers' money being treated with the disrespect we have seen over recent years. i will not turn a blind eye to dither, delay and incompetence. i will hold those responsible to account. i will demand action when they are not delivering for money. and so i have asked darrenjones, chief secretary to the treasury, to work closely with industry experts and trade unions and to examine line by line every ongoing major capital budget to make sure that on day one of a labour government, we are ready to get britain building again. if the tories won't build, if the tories can't build then we will. we will take on our antiquated tanning system. since 2012, decision times for national infrastructure have increased by 65%. now taking four years. with labour that will change. so today i'm announcing our plans to get britain building. once in a generation set of reforms to accelerate the building of critical infrastructure for energy, transport housing. to fast—track battery factories, and 5g infrastructure, the things that we need to succeed in the decades to come. and to tackle the litigation which devours time and money before we even see shovels in the ground. and to make sure that when a local community hosts national infrastructure, they will feel the benefits, including through lower energy bills. conference, it is time that