Second, we will not borrow beyond our means. An unfunded borrowing spree is bad for stability, bad for business, and bad for investment.

By cutting borrowing by more than any other G7 country to the end of this decade, the UK’s Chancellor is placing the country on track to have its largest budget surplus in 20 years – strengthening our ability to make the most of growth opportunities now and in the future.

At the same time, the budget directly delivers a 0.4% reduction in inflation in 2026/27 to move the UK into line with global peers through 2026 and closer to the Bank of England target rate of 2%. This will help the Bank to continue to cut interest rates and stimulate investment. As a result of this budget, the UK’s independent fiscal watchdog, the Office for Budget Responsibility, has upgraded its growth forecast by 0.5% since March. Meanwhile the IMF says it expects UK growth to be the second fastest in the G7 this year, and the fastest among European G7 economies.

This means more opportunities for services, manufacturing, life sciences and industry – more opportunities for investment and returns. Finally, this budget has made the UK an even more attractive place to invest – with a major package of measures to help businesses start up, scale up, and stay in the UK.  We already have the lowest Corporation Tax rate in the G7 and the most generous tax reliefs for plant and machinery in the OECD. The budget confirmed our commitment to both of these.

And last week we doubled investment limits for our internationally competitive Venture Capital Trust and Enterprise Investment Schemes, helping innovative companies raise equity as they scale. We doubled eligibility for the Enterprise Management Incentive, giving employees of fast-growing companies access to share options with tax relief, so more have a stake in our tech industry’s future.  And we’re changing procurement rules, so more firms – big and small – can benefit from government contracts.

For the first time, UK-listed companies will have a three-year stamp duty holiday, as well as benefitting from incentives for savers to invest in the stock market. These measures will grow the pool of capital available for listed companies and pave the way for the next generation of entrepreneurs and tech unicorns. In short, this was a budget for entrepreneurs.

The commitment to stability, investment and reform is already yielding results. Growth has been upgraded, inflation is set to fall, and we will cut borrowing faster than any other G7 country.

In an uncertain world, we are securing the public finances, and we are choosing to invest in Britain’s future. The UK-US partnership is already delivering results. With $1.5 trillion invested in each other’s economies and a $418bn trading relationship, we are each other’s largest investors. The Tech Prosperity Deal signed in September brought $341 billion in commitments between our nations, with American firms like Microsoft, Google, NVIDIA, OpenAI and CoreWeave committing £31bn to UK operations.

But we want more American businesses to seize the opportunities Britain offers. Whether you’re in AI, financial services, life sciences, advanced manufacturing or clean energy – the eight sectors at the heart of our Modern Industrial Strategy – we’re creating the conditions for you to succeed. If you’re an American business looking for a stable, innovative partner with world-class talent, unmatched research capabilities, and a government committed to backing growth – now is the time to invest in Britain.

We’re not just open for business. We’re backing businesses that choose Britain with the infrastructure, incentives and partnership you need to grow and deliver returns.

And we’re making Britain the best place for business to start, grow, invest and stay.