That brings our live coverage on the Chancellor’s speech to an end.

You can find all the latest on the Express homepage.

The battle over Heathrow will continue with lots of arguments to come and we will report developments at express.co.uk

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Mel Stride, Shadow Chancellor of the Exchequer, said: “The biggest barriers to growth in this country are Rachel Reeves, Keir Starmer and their job destroying budget – and nothing in the Chancellor’s speech proved otherwise.

“What’s worse, the anti-growth Chancellor could not rule out coming back with yet more tax rises in March.

“This is a Labour Government run by politicians who do not understand business, or where wealth comes from. Under new leadership, the Conservatives will continue to back businesses and hold this government to account.”

Protests outside the Oxfordshire venue

Labour mayor Sadiq Khan’s statement in full: “I remain opposed to a new runway at Heathrow Airport because of the severe impact it will have on noise, air pollution and meeting our climate change targets.

“I will scrutinise carefully any new proposals that now come forward from Heathrow, including the impact it will have on people living in the area and the huge knock-on effects for our transport infrastructure.

“Despite the progress that’s been made in the aviation sector to make it more sustainable, I’m simply not convinced that you can have hundreds of thousands of additional flights at Heathrow every year without a hugely damaging impact on our environment.”

The Adam Smith Institute says the Chancellor is making the right noises but actually set back growth.

It said: “In this speech, the Chancellor said that she wants the UK to be the ‘best place in the world to be an entrepreneur.’ But her own announcements in the last budget are putting this at risk.

“Tax rises on businesses are making it hard for them to scale up, or employ new workers, whilst the abolition of the non-dom regime has been driving away many of our wealth-creators.”

Reform UK leader Nigel Farage said: “The pro-growth and deregulation agenda coming from No 10 and 11 is a farce.

“None of the frontbench have ever run a business and they have no idea what they are talking about.”

Karen Dee, chief executive of AirportsUK, the trade association for UK airports, said: “Airports make an enormous contribution to the economy, connecting businesses, facilitating imports and exports, bringing in investment and creating jobs.

“Expanding capacity will support growth in all these areas and will not come at the expense of our sustainability goals.”

The Treasury seemed to make sure the Chancellor’s speech was far enough into the MRI magnet factory that any tractor protests by farmers opposed to inheritance tax changes outside couldn’t be heard.

But she’ll hear it on the way out as the honking is going strong

David Walsh, head of public affairs at WWF, said: “There is no trade-off between economic growth and net zero. As the Chancellor rightly recognises, building a clean economy is the industrial opportunity of the 21st century. Now is the time to put pounds back in people’s pockets by insulating homes, decarbonising power, and investing in public transport.

“But the Chancellor is making a serious mistake by prioritising costly projects like airport expansions that take decades to build, send carbon emissions skywards, and leave real growth stuck on the runway.”

Asked whether there could be more tax rises or spending cuts after a major report on public finances on March 26, the Chancellor simply said she couldn’t pre-empt the report.

Greenpeace UK’s policy director Dr Doug Parr said: “The Chancellor is dead right that tackling climate change is the biggest industrial opportunity of the 21st century, but dead wrong to think airport expansion is the way to seize it.

“A third runway at Heathrow is unlikely to boost the UK economy but will certainly boost noise, air pollution and climate emissions.”

The Mayor of London, Sadiq Khan said: “I remain opposed to a new runway at Heathrow Airport because of the severe impact it will have on noise, air pollution and meeting our climate change targets.

“I will scrutinise carefully any new proposals that now come forward from Heathrow, including the impact it will have on people living in the area and the huge knock-on effects for our transport infrastructure.

“Despite the progress that’s been made in the aviation sector to make it more sustainable, I’m simply not convinced that you can have hundreds of thousands of additional flights at Heathrow every year without a hugely damaging impact on our environment.”

The Chancellor explains plans to create the “Silicon Valley of Europe” in the heart of England.

This was the biggest announcement of the speech

Liberal Democrat Treasury Spokesperson Daisy Cooper MP said: “The Chancellor’s blinkered approach on Europe is holding back British businesses and stifling growth.

“If this government was serious about boosting growth, it would start negotiating a new UK-EU trade deal with a bespoke customs union at its heart.”

The Guardian says that the Chancellor’s upbeat message is very different to her gloomy talk about ‘black holes’ after last year’s general election.

Ms Reeves said she had to restore “stability” by making tough decisions.

Here is a summary of the speech with all the big decisions: Rachel Reeves announced huge measures as the Government aims to kick-start economic growth

No big surprise perhaps but some Labour MPs are happy

Chris Curtis Co-Chair of Labour Growth Group said: “This speech marks an inflection point for our country. For far too long those who have sought to block building, stifle innovation and halt progress have had the system on their side in the UK – now that era is firmly at an end and the time for change is here.”

However Ms Reeves will face a battle with Labour MPs opposed to Heathrow expansion.

The BBC asks Rachel Reeves ‘is this enough … when will we see cranes in the sky?’

Ms Reeves says expanding Heathrow will provide more opportunities for UK firms to export across the world.

Says she is “removing the barriers” that have held back UK growth.

Backing a third runway will make the UK ‘the world’s best connected place to do business’ says Rachel Reeves.

She says it is a sign that the Government is serious about growing the economy.

She promises ‘wealth created and wealth shared in every part of Britain’

A third runway will ‘make the UK more open and more connected’ and now the case in favour is ‘stronger than ever’.

‘This government supports a third runway at Heathrow’ and wants proposals by the summer.

However, as she says, she can’t quite announce a final decision now as there is a process that has to be gone through. But it’s very clear that the Governmen wants to get this runway built.

And create 100,000 jobs, says Rachel Reeves

The Chancellor left her Heathrow announcement to last – now she is making it

As expected, the Chancellor confirms she is backing plans for a massive redevelopment of Old Trafford in Manchester including more housing.

Government will back plans for a private, regional airport in south Yorkshire

The Chancellor highlights new rail schemes in the North and says there will be more infrastructure announcements in the spring.

Says she met regional mayors in December. She says investment in all regions will be “given a fair hearing” instead of pouring Government cash into London.

The Chancellor dismisses criticism of her handling of the economy suggesting business confidence is high and the UK is one of the fastest growing economies, but says she will “go further and faster” because we need to do more.

Rachel Reeves insists “there is no trade off between economic growth and net zero” and announces £65m to expand electric vehicle charging, encouraging motorists to switch to electric cars.

And announces more offshore windfarms.

Reeves says she will change rules to let developers build things instead of worrying about ‘the bats and the newts’.

Laws will be introduced in the spring.

A planned white paper will set out plans to cut immigration.

Chancellor vows to cut regulation

The Government aims to cut spending on disability and ill health benefits, says Reeves.

These are set to reach £100 billion unless action is taken.

See more details here: Plans to cut sickness benefits bill

Reeves says she wants to trade with both the US and EU

The Chancellor says she will prioritise proposals that contribute to growth and prosperity.

She also defends her trade trip to China.

And says there will be talks on a free trade agreement with India.

Politicians have “lacked the courage or the strength” to prioritise growth, says Rachel Reeves. But she promises “a whole new approach”

Reeves says the impact of the cost of living crisis isn’t over with too many people still struggling to pay bills and mortgages.

Reeves begins her speech and says without economic growth ‘we cannot improve the living standards of ordinary working people’

Growth is her ‘number one mission’ she says.

Journalists and business people have assembled to hear Rachel Reeves speak on a plinth that reads “kickstart economic growth”

The Chancellor will make it clear she plans to build with “cranes in the sky” – and won’t let “blockers” stop her.

New reservoirs will be built near Abingdon in Oxfordshire and in the Fens near Cambridge. They will be among nine new reservoirs built as the Government has agreed for water companies to invest £7.9 billion to improve infrastructure.

Allowing Heathrow to expand will be controversial with some local residents and environment campagners.

But the UK “can’t afford” to be a country that “doesn’t build runways” or other major projects, a senior minister has said.

Business Secretary Jonathan Reynolds warned the UK risks being “left behind” if it does not go for growth.

He told BBC Breakfast: “I want people to know that things that have been too difficult in the past will be focused on, will be changed, will be delivered on, by this Government.

“It’s not just about aviation expansion, there’s a whole range of things.”

He added: “We’re not going to have endless judicial reviews effectively try to second-guess democratically-elected decisions from the elected government of the day. We will follow process, but that process has got to be one that can deliver the things.

“We simply cannot afford to say we don’t build reservoirs any more, we don’t build railways, we don’t build runways. That’s not good enough, we will be left behind.”

The Chancellor is backing plans to redevelop Old Trafford.

A new or redeveloped Old Trafford can cement Manchester’s place as “the global capital of football”, the Greater Manchester mayor Andy Burnham has said.

Manchester United are set to make a decision by the end of the season on whether to redevelop the existing stadium into an 87,000-capacity venue or build a brand-new 100,000-capacity ground.

The club will pay for whichever option they eventually choose, but the initiative has been boosted by the UK Government and Trafford Council both giving their backing to plans to provide public funds to regenerate the area around the stadium over recent days.

Burnham said the project, which also involves relocating freight terminals, will benefit other parts of the north-west, as well as his city.

He told BBC Breakfast: “This truly… it’s one of those rare projects that’s a win-win, the benefits will be felt far and wide.”

East West Rail involves boosting railway links between Oxford and Cambridge with new and upgraded lines.

The scheme has three stages, with initial services from Oxford to Bletchley and Milton Keynes scheduled to begin this year.

The other two stages are reliant on Government funding and approval.

These involve services being extended from Oxford to Bedford, and then from Oxford to Cambridge via Bedford and Bletchley.

The Chancellor will confirm she backs plans to redevelop Old Trafford.

Manchester United is eager to create a new venue by either redeveloping its current stadium to increase capacity to 87,000, or build a new ground which could hold 100,000 fans.

The club has said it will decide on its preferred option “ahead of the summer”.

The project would also involve a major regeneration of the area around Old Trafford, with residential, transport and entertainment developments.

Pensioners are “feeling more ill and depressed after Labour’s winter fuel payment cuts” according to a survey by one of Labours trade union allies.

Read more

Farmer Julie Adams said she would have to find hundreds or thousands of pounds to pay for Rachel Reeves’s inheritance tax raid.

She called the Chancellor’s policy “horrendous”. Julie, from Bicester, in Oxfordshire, said: “It will make everyone scared and worried that they’ve got to find this extra money.”

The UK’s economic problems have been noticed around the world.

US-based world-leading financial analysts S&P Global warning the UK economy “largely stalled at the start of 2025” this week.

It said firms cut employment in January thanks partly to “widespread concerns over higher staff costs associated with the Budget changes”.

Why the speech today? Rachel Reeves is desperate to reassure businesses suffering as a result of her Budget decisions which included putting up National Insurance, which increases the cost of employing people.

In just one example, he’s the latest warning from the British Chambers of Commerce.

Jane Gratton, Deputy Director Public Policy at the British Chambers of Commerce said: “The full impact of the changes to national insurance and the minimum wage, announced at the Budget, won’t be fully seen until later in the year. However, the warning lights on recruitment, employment and training are already flashing.

“Our latest survey paints a worrying picture of weak workforce growth, persistent hiring difficulties and cuts in workplace training. It also revealed that 55% of firms are planning to put up prices, with labour cost the main driver.

“To grow the economy, we need businesses and the workforce to thrive. Government must ease the cost-pressures on firms so they can invest in people. Working proactively with employers to tackle the long running skills crisis is likely to become even more important in the months to come.”

The Chancellor will confirm plans to give pension fund managers more freedom over how they spend the money they control.

This will allow them to invest billions of “surplus” funds in UK businesses.

See more: Reeves announces massive pension reforms

The Prime Minister vowed to cut regulation which he says is holding growth back – in a similar way to Conservative Prime Minister Margaret Thatcher.

Writing in The Times, Sir Keir said: “There is a morass of regulation that effectively bans billions of pounds more of investment from flowing into Britain.

“Thickets of red tape that, for all the Tories talked a good game, was allowed to spread through the British economy like Japanese knotweed.

“In the 1980s, the Thatcher government deregulated finance capital. In the New Labour era, globalisation increased the opportunities for trade. This is our equivalent.”

The speech will include plans for a new UK ‘silicon valley’ in the Oxford and Cambridge region, including Milton Keynes.

See more on that here.

Plus, it’s the worst-kept secret at Westminster that Ms Reeves will confirm her support for allowing Heathrow Airport to build a third runway.