Labour’s first Budget is fast approaching, and today, although Reeves did not reveal all before this date areas were brought up that many have been speculating about, such as reforming the pension system.

Overall, the message was clear as Reeves repeated, ‘this is the Britain we’re building’ as she announced the introduction of free breakfast clubs across every primary school across England. This project will cost £7m from April 2025.

Additionally, a Covid Corruption Commissioner was announced, which will ‘block any Covid-era PPE contract being abandoned or waived until it has been assessed’. This will be appointed from October 2023.

This commissioner will impact £647m of Covid PPE contracts which have been ‘earmarked to be waived,’ said Labour.

Tax avoiders are also on the agenda with 200 more compliance officer positions being recruited for in the next year alone. Reeves' ambition is to add 5,000 new officers to HMRC in the next five years.

 A consultation on electric invoicing was also announced, which will be to reduce ‘administrative tasks, improve cash flow, boost productivity, introduce automation, and reduce errors in tax returns – all helping to close the tax gap,’ said Labour.

Reeves said: ‘The road ahead is steeper and harder than we expected.

‘You don’t need to take my word for it, the figure released only on Friday showed another record month of borrowing. Debt of 100% of GDP, that is the inheritance they left in black and white.’

Priority industries will also be announced by the Budget, such as accelerating the net zero strategy and making Britain a ‘clean energy superpower’.

It was confirmed the change to the Winter Fuel Payment will still go ahead this year, with Reeves saying: ‘I made the choice to means test the Winter Fuel Payment so that it is only targeted at those most in need, I know that not everyone in this room, or the country will agree with every decision I make, but I will not duck those decisions.

‘Faced with that £22bn black hole that the Conservatives left this year, and with the triple lock ensuring that the state pension will rise by an estimated £1,700 over the course of this Parliament I judged it the right decision.’

Tom Selby, director of public policy at AJ Bell said: '‘Chancellor Rachel Reeves was clearly intent on striking a more positive tone in her big conference speech after months of doom and gloom about the state of the UK’s finances.

‘She insisted the government would not return to austerity and that public spending will increase in real terms during this Parliament despite the challenging fiscal environment currently facing the Treasury.

'While the chancellor’s tone may have been more positive today, she left the conference in no doubt that painful decisions are coming in the Budget on 30 October – although the country remains in the dark on where exactly the axe will fall.'