In Labour’s first Budget since 2010 – and the first presented by a woman – Ms Reeves promised to “invest, invest, invest”.
It will change the way debt is measured to allow extra borrowing to “rebuild Britain”, with tax increases expected to help restore public finances.
The chancellor told MPs: “On July 4 the country voted for change. This government was given a mandate. To restore stability to our country and begin a decade of national renewal.
“To fix the foundations and achieve change through responsible leadership in the national interest.” This is our task. And I know we can achieve it.”
She said her “faith in Britain burns brighter than ever” but “the only way to drive economic growth is to invest, invest, invest”.
“There are no shortcuts. And to secure that investment, we need to restore economic stability and turn the page on the last 14 years.”