Exclusive: Chancellor says ‘investment and reform are our tools’ as she pushes back against mounting tax speculation

Rachel Reeves: Labour has fixed the foundations – now we must build a stronger economy for a renewed Britain

Rachel Reeves has promised to use her autumn budget to prioritise fixing Britain’s dismal record on productivity as she sought to downplay mounting tax speculation with a focus on economic growth.

Setting out her priorities for the budget for the first time, the chancellor said tackling the efficiency of the economy through higher investment and a fresh assault on planning rules would form the backbone of her tax and spending plans.

Writing exclusively for the Guardian, she said: “If Labour’s first year in power was about fixing the foundations, then the second year is about building a stronger economy for a renewed Britain.”