live from london, is bbc news. a dozen people have been killed �*a crash at news. a dozen people have been killed �* a crash at a news. a dozen people have been killed �*a crash at a huge killed after a crash at a huge hindu religious festival in hindurreligieus festival in is our top hartmégfi'fi 555 ’ ’ " ’ ”’ but hmmesfifi 555 7 ’ " ’ ”’ but let's hmtmfsgfi'fi 555 7 7 77 7 777 but let's take you to headline. but let's take you to heathrow airport where is heathrow airport where it is forming reeves preparing deliver a major speech and give her reeves preparing deliver a major s to sch and give her reeves preparing deliver a majors to a 1 and give her reeves preparing deliver a majors to a 1 and g of: her reeves preparing deliver a majors to a 1 and g of projects backing to a seriesofprejects at kick—starting backing to a seriesbfprbjects at kick—starting the aimed at kick—starting the uk at the heart �*which economy. at the heart of which is expected be a third is expected to be a third for heathrow. at the heart of these is expected to be a third

runway for heathrow — which is already the world's busiest two—runway airport. on tech development — which are likely to include a so—called silicon valley of europe between oxford and cambridge. the announcements come against a backdrop of rising since labour's landslide general election victory last summer. live to heathrow and our business correspondent, theo leggett. much excitement no doubt at but it is heathrow but it is fair to say have been here before, isn't we have been here before, isn't it? �* . ., m story time and time again over the gast this the past 20 years. but this time it does that rachel is going gizfe is going gise the =e -: 7 f7irm backing government's firm backing towards a third runway at = -: heathrow and the opposition also favour it which means'it sh'eutd at least momentum. but which means'it should at least momentum. but the getsememementbm; but the is is getsemememehtbm; but the is is something getsemememehtbm; but the is is is something getsemememehtbm; but the is going is something getsemememehtbm; but the is going to is something getsemememehtbm; but the is going to take nething getsemememehtbm; but the is going to take time. 1g is7 a planning is a planning process = -:7: — -7 77 = _77: has to be gon7e through. that haste be gehe threegh. will take about 18 months. that will take about lfi'i�*ndflths. even started process that it that process yet. after that it is likely to face legal challenges which 718 months and then be seven of there would be seven years of construction. this is a major construction, this is a major project. it construction, this is a major pi a ect. it construction, this is a major pi a motorway involves putting a motorway

into a tunnel, it involves demolishing at 750 creation �* a new housesathe creation of a nevv and a new terminal at runway and anew terminal at it would the heathrow. it would be the biggest privately funded infrastructure project in = -:: 7 7b7o7it7will7777 ' 7 scours; ' so it will7be step europe; as it will be a step wt "'*”'*"""’ if europe; as it will be a step ” ' ” "' if rachel reeves forward if rachel reeves says, as expected, that she is going throw her behind it, tothrow her weight behind it. we shouldn't expect spades -=:: the ground time soon and won't wont be 7 won7't be 7 a 7 7 whit be77 7 73th}; 77 77 we won't be seeingr—arthrirrsl ,,,,,,,,,,,,,,,,, at we won�*t be seeingathiza ,,, ,, , , ,, at heathrow we won't be seeing—arthire! ~— ~ , , ~ at heathrow for runway at heathrow for roughly another decade or so. on? runway at heathrow for roughly another decade or so.— another decade or so. why is it so central _ another decade or so. why is it so central to _ another decade or so. why is it so central to the _ so central to the economic growth plan?— so central to the economic growth plan? so central to the economic urowth ian? ,, ,, , ,, , 7ar71d7 7 and 7 �*airports of economic �*at �* at least economic or at least economic performance. if take performance. if you take an aircraft in heathrow, an aircraft flies in out of here 45 fl'ehtfiut et�* hers seer? as or so. fl'ehtfiut et�* hers seer? es orso. it's seconds or so. it's extremely the airport 84 million seconds or so. it's extremely the a last t 84 million seconds or so. it's extremely the a last year million seconds or so. it's extremely the a last year and on seconds or so. it's extremely the a last year and about passengers last yearatna a bout worth passengers last yearatna about worth of freight. you ,fe:,e§?§f; you have 77 you have people 77 you have people coming in so you have people coming in of the and out of the country, tourists coming in, they an avenue for money, it's an avenue for exports and that's all great

but the problem is heathrow is straining at the seams, it doesn't have any spare =-—s handles 480,000 d a at the moment isa is a limit, 7limit. the 7 7 77 is; 77th; {£377 limit. the idea is7 77 as; the rage}; that legal limit. the idea is that by extending the airport, any runway, it be able to runway, it will be able to handle flights a year, and up to a 50% increase and up to 140 million so in million passengers. so in theory at least it would provide growth, so it provide room for growth, so it wouldn'tjust be economic fifiulefiiuit 55 art fifths?“ it efieleeejeee es ae sefiefiefle it would be fieeleeejeee es ae seeeeefle it would be an benefit, it would be an economic benefit. expanding economic'benefitrtiut also extremely expanding economicbenefitra- also extre ,, , controversial. indeed, as we have mentioned. _ controversial. indeed, as we have mentioned. but- controversial. indeed, as we have mentioned. but we - controversial. indeed, as we i have mentioned. but we should we are notjust not forget we are not just about or talking about passengers or business passengers here or tourists, we are talking about freight. absolutely. as i said, there . about _ freight. absolutely. as i said, there . about - billion l there are about £200 billion worth of freight passing through the year. threeah the aireert eash'ie'ee'r; ”"rflrnn'fl'n more threeah the aireert °€cf¥gfi , ,,, ,,,, more i” �* example, that's more than, for example, 7 port of southampton. and the port of southampton. and airfreight small

:= which means if you consignments which, means eagle! and have small and medium—sized businesses that want to export air freight is a businesses that want to export airfreight is a good abroad, airfreight is a good way to do it. but the apply. you 7 77 777 apply. you ca7n77 777 apply. you can o7nly7 limits apply. you can only handle so many in this as it a; e777 7 77a7t7the airport as it stands at the supporters of the plan expansion is argue that expansion is if it is to become a for growth as well. 7—7 -—4 weli 74.7 7,7 piyot jor growth as well. be fair to say that the it be fair to say that the industry is doing a lot airline industry is doing a lot of on trying become of work on trying to become more sustainable?— that but that doesn't prevent environmentalists that environmentalists arguing that heathrow sends out expanding heathrow sends out entirely the signals. entirely the wrong signals, the is trying to go carbon z: -7 airport creates expanding the airport creates air traffic. . ~ more air traffic. thank you very much _ more air traffic. thank you very much indeed. - more air traffic. thank you very much indeed. we - more air traffic. thank you very much indeed. we now the 7 the uk 7 777the graham 77 7 777the waders who d a speech this morning is actually that it will take up a bit a year 5} is actually that it will take up a bit a speech is is actually that it will take up a bit a speech this morning is giving a speech this morning on the subject of economic the subject of economic on the subject of economic in the uk. the forecast growth in the uk. the forecast on the subject of economic is actually that it will take

actually :he uk. the forecast on the subject of economic actually :he uk will 9 forecast on the subject of economic actually :he uk will take cast is actually that it will take up is actually that it will take up is actually that it will take up a bit year up a bit this year but inflation remains a problem, interest rates are still higher than no doubt the chancellor would like to see because the central bank is trying to get that inflation under control. so let's hear what she has to say about her plans for growth. iam the i am the managing director of siemens in the uk and ireland. we are a global leader in medical technology with over 70,000 dedicated employees 70 , 000 dedicated employees around 70,000 dedicated employees around the world, united by one common goal to improve health care and make a difference to the lives of people everywhere. for over 40 years this site here has been at the heart of our mission

lives and provide better care. but are not stopping there. but we are not stopping there. with £250 million with a £250 million investment we are building a state—of—the—art... it we are building a state-of-the-art. .. 77777777 777 7 77th; 7cha7n7cellor is to this at choosing to make this speech at siemens. she is in 0xfordshire and she to really push and she wants to really push ahead the idea that uk is ahead the idea that the uk is of change in at the forefront of change in artificial intelligence, for artificial intelligence,— fore—e ,, ,,,, ,, and is artificial intelligence,— forwe w we ee and is wanting also in example and is wanting also in to gxamgle, and is wanting also in to this additional addition to this additional she wants to heathrow runway, she wants to build a corridor between 0xford build a corridor between oxford and cambridge, two well—known eee eefief'eee elsi iiitellzeeefite cities, to eee eefieeeee ffifi iiitellzeeefite cities, to try and university cities, to try and build the uk version of theo, as we have said, valley. theo, as we have said, is at airport for us. valley. theo, as we have said, is is airport for us. valley. theo, as we have said, is is true airport for us. valley. theo, as we have said, is is true to airport for us. valley. theo, as we have said, is is true to say, irport for us. valley. theo, as we have said, is is true to say, isn't:for us. valley. theo, as we have said, is is true to say, isn't it, r us. trade still that physical trade still underpins economic wealth, that we talk about artificial intelligence, that

really what happens in really supports what happens in the ~ , ,., , the physical world. absolutely. in the - world, - the physical world. absolutely. in the - world, people l goo7ds, people food to need goods, peopleeneed food to they need the things that need goods, peopleeneed food to l everyday the things that need goods, peopleeneed food to l everyday the easy, that need goods, peopleeneed food to l everyday the easy, they make everyday life easy, they need the machines, and all of this comes, well, a lot of it from abroad. 77 we; wear 77 7 from abroad. if you have .: swegese'sti in and of the corridors of the corridors for the country, corridors for trade, you are opening up channels ’§e’u’a’re spentnig’u’p’channels for growth, ee’u’a’re spentnig’u’p’channels for growth, that's been economic growth, that's been the at heathrow, the argument here at heathrow, it's notjust about passengers and tourists, it's about items it's notjust about passengers and comes, it's about items it's notjust about passengers and come in it's about items it's notjust about passengers and come in and about items it's notjust about passengers and come in and abo of tems it's notjust about passengers and come in and abo of the is that come in and out of the country as well and much. 7 much. chancellor has very much: theihanceller has to very ntuchz’the’chancellor has to speech, listen —— speak. -- speak. white matter is, lb, -- speak, ~—— we lb, -- speak; -7we achieve | -7 we achieve it in —— speak, we achieve it and we be we achieve it arld hat we , , —— ~ , , ,, —— going to be we achieve it ahcl hat we , , —— ~ , , ,, —— going to do to go further are going to do to go further and faster to deliver it. we came into office, the before we came into office, the prime and i said and economic growth loud and clear, economic growth is mission of this

is the mission of this without growth, we government. without growth, we cannot cut hospital waiting 0 i’ or put more police on the lgigggtgsggg out—mere eolice on the without lgigsgtgsggg out—mere eolice on the without growth we streets. without growth we cannot meet our climate goals 77 the next 7 77777 7 7 the next generation 7 77777 7 7 the next generation the7 77 777 or give the neat generatiehthee— —— ,, —— — , — ,, that or give the neat generatiehthe— —— ,, w e e , ee that they need or give the neat generatiehthee— —— ,, —— — , — ,, that they need to opportunities that they need to thrive. but most of 77 7gr70wth, 7 77 7 growth, we without economic growth, we cannot improve living =.a =_7 of ordinary wo7rking because about 77 about line77s about lines on a graph, simply aboutelines onea graph. about the pounds in it's about the pounds in pockets, the vibrancy people's pockets, the vibrancy our high streets and the of our high streets and the thriving businesses that thriving businessesthat create jobs thrivihg'busmessesthat create jobs and thriving businessesthat create jobs and new for us, for our opportunities for us, for our grandchildren. we children and grandchildren. we will have succeeded in our working people are mission when working, beoble are �*off. i mission when working beoble are �*off. i know that mission when working beoble are �* off. i know that the better off. i know that the cost of living crisis is still very real for many families across britain. sky and 7 and rates and 7 rates of past few have left a

the past few years have left a deep mark with too people dggo mark with too many people sacrifices dggp mark with too many people sacrifices to -i§i -memm the bills, and to pay their mortgages. but we have begun to things around. see 65 see as i traeei the i see as i travel around the country gives me more belief countrv dives me more belief in ee e e we w w , and countrv dives me more belief in ee e e ,ee ,,, ee , and more optimism about future. because we as a our future. because we as a country have huge a country have huge potential, a country have huge potential, a country of strong country have huge potential, a cour small strong communities country have huge potential, a cour small stro localnmunities country have huge potential, a cour small stro local businesses with small and local businesses their heart. are at the of some of the most forefront of someeofethe most in the exciting developments in the world like artificial ,, and life sciences, intelligence and life sciences, with great like deep with great companies like deep mind, astrazeneca, rolls—royce and of course siemens. and of coursesiemense e e eee eee jobs 777 we across britain. we have strengths in our across britain. we have in strengths in our across britain. we have in s language1 our across britain. we have in 5 language and' across britain. we have in 5 language and in history, in our language and in our system to in our legal system to compete in global but for too

a global economy. but for too long, that potential has been held back. for too long we have low expectations and accepted low expectations and accepted low expectations and accepted decline. we no longer have to do that. we can do so eee? te ee teeeeeeeeeeeee 777 77 77 better. eeee te ee teet7§ee7eee7eese7 777 77 77 better. low growth is not much better. low growth is not our growth will our destiny. but growth will not come a fight. not come without a fight. without a government to the right decisions 7 the right decisions now7 the right decisions now to take the right decisions now to change our country's future for the better. is what our the better; that is what ear for change is all about. drives me as that is what drives me as in my lecture in chancellor. in my lecture in last year i set march last year i set out my approach to achieving economic growth and identified the barriers to fundamental barriers to ourfull fundamental barriers to our full potential. realising our full potential. the capacity of the the productive capacity of the uk has far too productivity, driver 7 standards, has

e standards, i185 grown of living standards, has grown more slowly here than in like germany or the -=——: 777 the supply the supply side 7 the supply side of = = has s7uffered 7 77 7h駧u7ffe§eaau7e has s7uffered due to economy has suffered due to chronic underinvestment and stifling 77 7 7 77 7 "was? 77he71ped by 77 helped by the regulationenotehelped by the we are in shocks we are faced in recent years. fortoo shocks we are faced in recent years. for too long politicians have lacked the courage or the strength to these strength to confront these challenges. when with they have not a the'm hashes: net growth. instead, prioritised growth. instead, they have accepted the status and they have not the enablers of barrier, not the enablers of change. at the election, people voted for a whole �* approach voted for a whole new approach and that is what i am determined to deliver. the that i strategy that i have set out is to grow 77siipply supply sig; ssh err ,, , , , supply sid7e7o7f777 77 77 7 7 7 supply side of our economy, the supply side of our economy, recognising first and recognising that first and foremost it is businesses,

investors and entrepreneurs who drive economic a drive economic growth. a which systematically government which systematically removes barriers that they face removes barriers thatthefig’tace ”” ”"' "" by one has their back one by one and has their back the solution to our is the solution to our challenges. this has is the solution to our challenges. this first, has three elements. first, stability. stability in our stabilitye stability in owns www our stabilitye stability in earn " our finances politics, our public finances and our economy. the basic condition for secure reform. reform growth. second, reform. reform which makes �*for which makes it easierfor businesses to trade, to ; 7t andtobuild. t 7t and to build. and t thire. investmehfc’. the of growth. lifeblood of economic growth. let me each �*those in stability, first 77stabi7lity, 777fir7st7li7ne7 7 oui’ our manifesto was a promise gt our manifesto was a promise bring stability to our finances. it is f7inances.7 it is the everything else is and i is

built, and it is essential in a plan for because economic is the precondition stability is the precondition for economic why = -=7 first piece77 7 first piece77of legislation ttjggfirst piece of legislation passed as a government that we passed as a government was budget was the budget responsibility act so never again can we act so that never again can we see our independent forecasters sidelined and never again will we see a repeat the liz we see a repeat of the liz mini budget which sent truss mini budget which sent borrowing costs and mortgage truss mini budget which sent borro spiralling . and mortgage truss mini budget which sent borro spiralling ford mortgage truss mini budget which sent borro spiralling for families |ge rates spiralling for families and for at my first and for businesses. at my first budget in october, was my budget in october, it was my duty as to fix the out;r as chancell'e'r'te fi'the’wwe’e" ”w of duty;r as thancell’er'te fixthe ' " of our duty as thancell’dr'te fixthe ' " of our economy and foundationsofrour'ecohomyrahd �* the finances that repair the public finances that we inherited. to restore and create the stability and create the for growth and conditions for growth and investment. i set out a conditions for growth and inves rules. i set out a a; conditions for growth and inves rules which out a a; fiscal rules which are non—negotiable and will always be met. we began to

be met, we beganto rebuild our and our the start pro-ramme of reform. i 7 reform. i capped the —| and are rate of corporation tax and are extended our generous capital —=e for77 duration of allowances for the duration of this parliament as the cbi and z 777366 77 are; 7 77 7 777173c7c77 are; at 7 777173c7c77 are; for.7and 7 "we 77 are; for.7and | the bcc have called for. and i protected working people, after a,,,, of living a cost of living crisis. by freezing fuel with freeaing'tuelrrduty with no their national income tax or 7 wcme taxvat. insurance, income tax or vat. but taking the right decisions but taking the rightedecisions the responsible decisions and the responsible decisions eee; taking the does not always mean takihgthe decisions. the increase employers national insurance has consequences contributions has consequences business and beyond. i said up front upfront in 7 up front in my7budget that up front in my budget speech. i accept that are w—

to7 77but of the costs of irresponsibility have been far higher. would have been far higher. those who oppose my budget know 7 7-77 7 too. that 7 77 too. that 7 since77 to i've rat since to i've seen since to i've seen no since qctober i�*ve seen no put forward by the alternative put forward by the opposition parties, no alternative to deal with the challenges that we face, no challenges that affect he hr rr fr" to challenges eeeee’seeeeeeee’ r h to restoring stability. an7d pla77n driving therefore, no plan for driving economic growth. alongside stability, need drive stability, we need to drive the reform makes more likely by investment more likely by removing the on the side of our economy, it e of our economy, it easierir economy, it easierfor:onomy, it easier for businesses trade, easierfor businesses trade, e. raise or businesses trade, e. raise finance esses trade, e. raise finance and s to trade, to raise finance and to trade, to raise finance and to build. let me first address ee ee'le est eee t'ret eeereee 7 7 approach to trade. we stand a moment of global change. that context. 7'7'77�*7' that context. 7'7'77�*7 should in that context, we should be by one guided by one clear principle above all, to act in the

national interest for our economy, �*our national interest for our economy, �* our businesses, economy, for our businesses, and people. means building on our special relationship with the united states under president trump. the prime 7.7 the vital importance discussed the vital importance of growth with the president last weekend, i look last weekend, and i look forward to with the new forward to working with the new treasury secretary scott beasant to deepen our economic relationship in the months and relationship inethe months and ahead. acting in also means our relationship with resetting our relationship with the eu, our nearest and our largest trading partner to 7 7 -77 —— scott bssent. 7 —— scott bessent. we pragmatic about the are pragmatic about the challenges inherited from the gggllenges inherited from the government's failed last government's failed brexit but we are also deal but we are also ambitious our unlike the in our goals. unlike the conservative party whose policy in our goals. unlike the con not ative party whose policy in our goals. unlike the con not to re party whose policy in our goals. unlike the con not to engage whose policy in our goals. unlike the con not to engage with ;e policy in our goals. unlike the con not to engage with the