Sky News Today with Gareth Barlow

The Chancellor delivered a speech setting out a new economic growth strategy, emphasizing devolution of power to local leaders and a stronger strategic centre through Number 10 North and the National Economic Council. He announced changes to the Treasury Green Book, including a lower discount rate and new economic potential analysis, alongside a commitment to cut business regulation by 25% and extend judicial review reforms to all major infrastructure. He also pledged to reduce the burden of consultation and litigation, and to use public procurement and financial institutions to back British firms.

The Chancellor then focused on innovation and jobs, setting an ambition to double the number of unicorn firms and introducing sandboxing powers to test frontier technologies. He highlighted AI as a self-improving technology that needs oversight and announced support for AI skills and sovereign AI development. On employment, he addressed the nearly one million young people not in education, employment, or training, promising a moral and fiscal duty to tackle youth unemployment through technical education and upcoming recommendations from Alan Milburn.

In the subsequent Q&A, the Chancellor answered questions from an apprentice, BT, Tech UK, and journalists. He stressed maintaining fiscal stability and growth as the heart of his mission, avoided speculation on tax changes ahead of the budget, and reassured businesses about long-term pro-investment policy. He also declined to comment on devolving income or corporation tax, saying budget plans would be set out in October.