Rachel Reeves

I'm not going to be able to write future budgets today.

The world is a very uncertain place, but that increase in the headroom was very much, I think, welcomed by markets.

and has given greater confidence to people that we can have stability on a fiscal front as well.

In addition, we've been really clear that the spring forecast from the OBR will not be a fiscal event in the same way that it has been

in the past and reform of the Office of Budget Responsibility means that we can now move to one major fiscal event a year so that you, Francine, and others don't ask me every week for a year what tax changes are planned.

We don't plan any tax changes in the spring and very much hope after the headroom that we have built in through difficult decisions on tax and spending that that provides the stability that we need.

Well, this is my fourth time in Davos.

I came twice as shadow chancellor to set out the opposition approach to the economy.

I learned a lot during those two visits.

about what international investors were looking for in the UK.

I knew they wanted stability.

I knew they wanted better support to leverage in the private sector investment, the cash that was sitting there but wasn't coming to the UK because of that uncertainty.

And I know that they wanted reform to how our economy works.

planning reform, regulatory burdens lifted, better trade opportunities with countries around the world.

That is what we are delivering as a government now.

I'm certainly not claiming that the first year and a half in office has been easy or that every decision that we've made has been one that's welcomed by business.

But when you look around the world, when you look at the delegations from around the world this week,

I hope people see in Britain, I hope that businesses see in Britain, a country that has returned to stability, that is bringing investment, is changing how the economy works, and is open, open to business, open to trade, open to investment, and as I set out today, open to talent as well.

You certainly ask interesting questions.

I think the British people recognise that the last year has been a challenging one, whether it is conflict in the Middle East, Russia's continued aggression in Ukraine, the need for higher defence spending and also increasing trade barriers around the world have put countries under a lot of pressure.