This is a New Labour government pursuing economic prosperity and social justice together. Today, Britain is the fourth largest economy in the world. With the lowest inflation in Europe, mortgage rates half of what they were in the 80s and 90s, and more people in work than ever before, living standards are rising. It didn't happen by chance, but because we took the tough decisions needed to lay the foundations of economic stability. Now we must go further, meet the challenge of economic change sweeping the world, and give our people the skills, the technology, the know-how, so that everyone gets the chance not just of a job, but of a career, able to earn a decent living and to make the most of themselves.
Nothing is possible without that basic, hard-won economic stability.
When we came to power in May 1997, Britain spent more on interest payments on the National Debt than we spent on schools. This year, because of the difficult choices we made in our first two years, we will spend 10bn more on schools. There is a different set of priorities in our country today. When we had the money to invest, we were clear what the number 1 priority would be. The priority then, now and in the future.