Chancellor's Labour Conference Speech - Make UK Reaction
29.09.2025
The Chancellor gave her keynote Labour Party Conference speech today and outlined the difficult choices the Government is facing, though pledged to keep "taxes, inflation and interest rates as low as possible".
She has also announced plans to change the law so public sector contracts can favour British-made steel and for young people who have been out of a job or education for 18 months will be offered a guaranteed paid work placement.
On the speech by the Chancellor of the Exchequer, Stephen Phipson CBE, CEO, Make UK, said:
This was a realistic speech by the Chancellor which reflects the challenging economic conditions we face at home and overseas and, the tightrope she is walking with regard to the public finances. However, as we move towards the Budget, despite the difficult choices the Government faces, it must double down on pulling every available lever to boost growth and investment.
“The Government delivered on its promise of an industrial strategy and, is taking positive steps in areas such as planning and infrastructure. However, given the scale of challenges we face, in particular bringing down our eye watering energy costs, there is an urgency to be far bolder if we are to break out of the vicious circle of anaemic growth.
On the commitment to British Steel and Shipbuilding, he added:
This is good news for British manufacturers and British jobs. The Government has already delivered on the promise of a long term industrial strategy and this announcement is yet further proof that it is committed to putting advanced manufacturing at the heart of economic growth in the UK.
"It also demonstrates a clear understanding that manufacturers are at the heart of national resilience and economic security and industry stands ready to match this commitment right across the UK.
Finally, on the Youth Guarantee, Stephen said:
Manufacturers support the principle of the Government’s Youth Guarantee and will welcome the Chancellor’s commitment to ensuring more employment and training opportunities for young people. As the sector grapples with an ageing workforce and still nearly 50,000 vacancies to be filled, recruiting and investing in the next generation of talent is vital.
“However, businesses still feeling the effects of last year’s Autumn Budget on their employment costs will want reassurance from the Government that they will not be prevented from offering these opportunities by further increases in financial and regulatory burdens.
"Ahead of this year’s Autumn Budget, the Chancellor should set out further details of what is expected of employers and how the Government will work with industry to achieve our joint goals of reducing inactivity among young people and helping manufacturers to develop the skilled workers they need.