The speech made by Mel Stride, the Shadow Chancellor of the Exchequer, in Manchester on 6 October 2025.
Ladies and Gentlemen
I’ve just come back from another world. Silicon Valley.
It really is a different world over there. The innovation, the dynamism, the constant yearning for faster, better, stronger.
I visited technology companies at the very forefront of the revolution in artificial intelligence.
Venture Capitalists ploughing billions into bristling new things.
Lower taxes, cheaper energy and a people plugged into making things happen.
Right there, in that place, you could almost reach out and touch the future.
I glimpsed everything from driverless cars to humanoid robots, to AI, to advanced reasoning, to Quantum Computing, to simulated brains to neuromorphic architectures.
And no I didn’t know exactly what that means either.
Now you might think that a trip like that would have depressed me when I look at our own economy – stagnating under the cold dead hand of a Labour government.
But far from it. Far from it. It raised my spirits. Because it reinforced in me the sense of what is possible for OUR country.
For ours is a great country of drive and ambition and creativity. Of decency, of tradition and heritage. We made the modern world and we can re-make ourselves.
For there is a path, for us, to a more prosperous future.
Where this country, our country, can get back to a sense of ‘we can’ and ‘we will’.
A country in which it is instinctively understood that wealth creation should be fostered and cherished.
A country that once again understands that wealth is created not by governments, striking unions and a bloated public sector but by entrepreneurs, businesses and the hardworking millions.
That the makers matter.
And to business today I say loud and clear, Labour may have given up on you but this Conservative Party never, ever will, we will always be there for business!
And I know about the vital importance of business, I have lived it all my life.
And our great country can bring that culture of enterprise but to do so the first thing we need is hope.
In a world of great uncertainty, of a failing government and a populist alternative that is totally detached from reality, it is our party that has to provide it.
Not in the way of glib words, but in that deep well of thought that will provide the solutions to our many problems.
In short: hope can only come with a plan.
A radical plan to re-build our economy.
And today I want to tell you how we will do it, together.
But first let me tell you why I am so passionate about this better vision for Britain.
Why I feel that we can reach out and seize it. Why I know that we can and we will.
Well, I look back at my own story.
My mother and father left school at 15 and 14 years old.
They had to make their own way in the world.
But they had drive. They wanted to create a family. They wanted to provide.
So, they started their own business. And I saw close up what that really matters and means.
The long hours. The risks. The stress. The setbacks and the triumphs.
And my parents gave me opportunities that were not there for them. I won a free place at a grammar school. I studied hard.
I earned a place at university the first in my family to go to university.
And you know that I seized that opportunity with both hands and I ran with it as far and as fast as I possibly could.
I never looked back not once. And I had those age-old words ringing in my ears ‘if you have a good education then you have the whole world laid out before you.’
And when I left university, I didn’t go into politics. I did what my mum and dad did.
I BUILT something. Created businesses.
Working from scratch from the kitchen table, bringing together teams of people with a common purpose.
And I had Nigel Lawson cutting my taxes and removing the red tape. And the whole spirit of that time was one of enterprise and opportunity.
And I have in my mind now that image of Margaret Thatcher and Richard Branson on that boat travelling down the Thames with the light playing on the water like an endless stream of opportunity.
And later I had in my hand a key to the first home that I owned. The foundation for the rest of my life. For the wife that I had yet to meet. For the family that I was yet to create.
That is a Conservative vision of opportunity, aspiration and achievement. And that is what we are going to bring back! We can and we will!
But to do that we have to fully understand and address the failings of this Labour government. To show our country that there is another way.
That the vicious cycle of more spending, more taxes, more borrowing, more debt can be broken.
And to demonstrate that it is our values, Conservative values of sound money, low taxes, entrepreneurship and hard work that can make that happen.
And millions are crying out for this.
Just look at what this government is doing.
Constantly pumping up the size of the state.
Increasing spending by £100 billion a year that’s ten times what they said in their manifesto.
And they said their plans involved hardly any tax increases.
But what have they done?
A £40 billion tax raid, most of it on jobs.
And now that Rachel Reeves has blown a vast hole in the public finances, yet more tax rises await.
In fact under Labour, nothing is safe from the taxman.
Not your job, not your home, not your pension, not your farm, not your business, not even that which you simply wish to pass on to your own children. You name it, they’ll tax it. And we say enough is enough!
And the real-world consequences of all of this?
Unemployment is at its highest since the pandemic.
In the hospitality sector alone, 89,000 jobs have been destroyed. Hitting our young people the hardest. Futures crushed.
And the cost of living is soaring.
WE left inflation bang on target. Under Labour its doubled.
And growth has tanked.
You remember how Labour claimed they were pro-business? Well just last week, the Institute of Directors said that business confidence was at its lowest level EVER.
The result? Thousands of wealth creators have left the country.
Labour have no clue about how to build the economy of the future.
Although on driverless cars, to be fair, we do have at least one in operation. Yes, it’s called the Labour Government. Led by a Prime Minister who can only do U-turns; a Chancellor who only knows how to work the brakes; and a mob of backbenchers desperate to grab hold of the wheel.
Now of course, thanks to Labour our national debt is getting bigger, and bigger, and bigger.
Debt is set to rise every single year until it is the size of our entire economy.
The interest bill this year alone amounts to £6,000 for every working household in the country.
And Labour’s profligacy means our borrowing costs are now higher than Greece.
Lower growth and higher debt sees us weaker and increasingly vulnerable.
That is not just irresponsible, it is dangerous.
And look at Reform they are just as bad.
Reform’s manifesto promised tens of billions in unfunded commitments.
They want to scrap the two-child benefit cap, spending billions more on welfare and they want you to pay for it. We say that if you want to fund a large family then that’s great but you should look to yourself to pay, not the state.
And Reform want to get back to the days of nationalisation and state control.
They are marching to the left.
Be in no doubt, they are the party of more spending and more debt. And when it comes to Reform be assured of this, that when the glitter, the shimmy of the sequined dress, the razzamatazz, the spinning plates, the fireworks have faded you will be left with emptiness. The dull bell alone. The hollowed out promises that never were.
But Reform are being found out and it is this Conservative Party that is holding them to account!
Let’s face it, we’re the only party that gets it.
The only party that will stand up for fiscal responsibility.
And that means we have to face some hard truths to which other parties turn a blind eye.
We must get on top of government spending.
So where Labour have failed, we will bring down our spiralling welfare bill.
Completely overhaul our benefits system and put an end once and for all to the human tragedy of millions being consigned to a life on benefits.
This is not just a financial imperative, it is a moral duty.
For we believe in the dignity and decency of work. That it is essential to the health of the individual and the stability of our country.
But equally it is the purest belief of our party, that looking after the most vulnerable is the hallmark of a civilised society.
But to do that, we need a system that is fair and commands the widespread support of those who pay for it.
The current system does not.
So we will ensure that benefits are properly targeted at those most in need, with people thriving in jobs where they can and should be working.
That includes stopping claims for people with less severe mental health problems where what is needed is treatment and support, not simply cash.
Because we know that the stability, pride and social interaction of work actually improves these conditions.
So we say: ‘Labour want to park you on benefits, we want to help you to a better life’.
And a fairer system also means ensuring that only British citizens can access welfare because citizenship should mean something.
Our approach will get the welfare bill down by £23 billion.
The culture of ‘something for nothing’ must end, now!
Now the civil service is too large.
In 2016 there were 384,000 civil servants, today there are 517,000.
We will bring the numbers back down, saving one pound in every four.
And we simply cannot justify higher taxes at home to pay for more spending abroad.
So we will significantly reduce the overseas aid budget.
Now we will also take the decisive steps to deter people from coming here illegally and stop pouring billions into asylum hotels.
That is an utter scandal. And we will put a stop to it! We can and we will.
We will also stop spending billions on Ed Miliband’s vanity projects which are simply driving up bills.
We will put an end to them once and for all!
In total, the savings I am setting out today would reduce the size of government by almost £50 billion.
Now I am a realist and we must recognise that this Labour government will be leaving huge debts behind.
So I cannot simply say we will use all of those savings to spend more elsewhere, or to cut taxes.
We will bring taxes down, we must, but we will only do so when that is affordable. Just as Nigel Lawson did.
Because we know where the alternative path leads, we saw that with the mini budget in 2022.
So let me be clear, the Conservative Party will never, ever make fiscal commitments without spelling out exactly how they will be paid for.
We are and will always be the party of fiscal responsibility.
Labour have trashed the finances and it is only the Conservative Party, our Conservative Party, that can be trusted to fix them! We can and we will.
So I want to make a very clear statement to you today.
Those savings will mean we can urgently bring down government borrowing.
Because we cannot deliver stability unless we live within our means.
No more pretending we can keep spending money we simply do not have.
It falls to us, as today’s Conservatives, to do the responsible thing.
That’s the right thing for our country. And it’s also the right thing for the next generation.
So to younger people I say: ‘We will get debt off your back!’ We can and we will.
And I want to go further.
To send an unequivocal message to those young people starting out in life.
If you work hard and do the right thing the Conservative Party is on your side.
So as we reduce the benefits bill so we will fund tax cuts which are laser focused on aspiring young people.
So we will introduce something called The First Job Bonus.
When someone takes their first job, the first £5,000 they pay in National Insurance won’t go to the taxman, it will go towards a deposit on their first home, or it will go towards their savings for later life.
For a working couple that means £10,000.
Helping them buy a home, build a family, save for the future.
That is the Conservative dream!
A dream that built my life. It is why I stand before you today.
And I’ll fight every single day to make sure that that dream is burning bright for younger people and for the generations to come!
But responsibility also means building a stronger society through a stronger economy.
That is a Conservative value.
It means understanding that it is small businesses, the collective efforts of millions, those who get up early and work all hours, who strive and serve, the little platoons that together form a mighty army. They are the force that binds communities together.
At the heart of those communities stand our high streets. Where they thrive, we thrive. Where they fall into decay, the crime and fear seeps in. And so, I say, small businesses and our high streets are the unsung heroes, they employ, they create, they protect. They make us alive and whole.
Yet for many businesses the burden of Labour’s tax rises is simply too much to bear.
Pubs closing, shops sitting empty, high streets hollowed out.
Under Labour, many have seen their business rates double. We need to get business rates down. In fact we need to go further. Much, much, further. So today I can announce that as a direct result of getting public spending under control, a future Conservative government will completely abolish business rates for shops and pubs on our high streets. End of.
End of, finished, gone.
For controlling spending is not an end in itself, it wills the means, it gets the taxman off your back – it sets some of the hardest working people in our country free! We can and we will!
So let there be no doubts.
We are the only party of fiscal responsibility.
We are the only party that understands the deep challenges that our great country faces.
And we are the only party that will meet those challenges head on.
Where Labour choose debt, we choose discipline.
Where they choose welfare, we choose work.
Where they choose stagnation, we choose aspiration.
All they have to offer is pessimism. Higher taxes, fewer jobs, lower growth, and a mountain of debt for the next generation.
What we stand for is something far bigger and far greater than that.
Conservative values.
Opportunity, aspiration, optimism.
We are the Party of hope.
We are the party of the future.
We can and we will.
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