Prime Minister’s Key Address at the National Economic Council on 30 October 2026

Thank you all for joining us today. I am pleased to welcome you to this meeting with the National Economic Council, alongside the First Ministers of Scotland and Wales, as well as our colleagues present. While it is unfortunate that we do not have representatives from Northern Ireland with us, rest assured that we are collaborating with them on shared objectives. Our primary focus remains on fostering economic growth that benefits every postcode across Scotland, Wales, Northern Ireland, and England.

I look forward to an engaging and constructive discussion about how we can achieve this goal. To set the tone for our session, I want to express a commitment to working closely with both the Scottish and Welsh Governments. Our aim is to explore a model of deeper devolution that aligns with the unique needs of each nation. It is ultimately up to the devolved governments to shape this framework, but we must collaborate to ensure that powers are effectively distributed to local communities.

Reflecting on my experience as a former mayor, I witnessed firsthand how Greater Manchester embarked on a markedly different trajectory following the introduction of devolved powers. This experience has broadened my perspective, allowing me to appreciate the viewpoints of Scotland and Wales when advocating for greater devolution.

Having achieved a certain level of autonomy, we were able to chart our own course and set ambitious goals for our industries. A decade later, the positive outcomes are evident. It is essential that we establish a clear distinction between problem-solving and mere point-scoring; I trust that my approach has conveyed this commitment to you thus far.

We owe it to the citizens of all nations to foster a more collaborative relationship between the UK Government and the devolved administrations, which is crucial for driving our growth agenda. This approach will empower localities to take charge of their own development and pursue a comprehensive strategy for re-industrialisation across the UK.

These issues are indeed pressing here in Scotland. I recognise the challenges faced by the steel industry, mirrored in Wales, and we are actively engaging on concerns surrounding oil and gas, particularly following last week’s Jackdaw decision.

The need for industrial transition is a pressing concern throughout the UK, and it is an area where we have not historically excelled. A couple of weeks ago, I delivered a speech in Motherwell alongside the Secretary of State for Scotland, discussing some of these critical issues. I visited the site of Ravenscraig, a name that resonated with me from my youth, and it was only upon visiting that I truly grasped the magnitude of the industry that once thrived there, as well as the challenges faced by communities during prior transitions.

Fostering Economic Growth Together

Similar stories can be recounted regarding Port Talbot and its industrial landscape. We must strive for a model of industrial transition that effectively supports our communities. Today’s agenda is centred on ensuring that good growth reaches every postcode, equally applicable to Scotland, Wales, Northern Ireland, and England. Our goal is to collaboratively build this future and to deepen the devolution process, which we believe will be a key catalyst for economic growth.

We are fortunate to have not only the two Secretaries of State from Wales but also the Business Secretary and the Work and Pensions Secretary present today. Our discussion will extend to employment support and its connection to this overarching agenda.

As we conclude this portion of our meeting, particularly at the end of Budget week, I would like to invite the Chancellor to share some insights. Thank you.