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The Labour government鈥檚 first budget will be a plan with 鈥渞eal ambition鈥�, Rachel Reeves has insisted as the party seeks to counter criticisms of being too gloomy about the state of Britain鈥檚 economy.

In her keynote speech at Labour鈥檚 conference in Liverpool, the chancellor said she will not 鈥渓et tough decisions dim our ambition for Britain鈥� in the autumn budget, which will take place on 30 October.

In July, Reeves scrapped a series of infrastructure projects, including the 拢2bn Stonehenge Tunnel job, and announced a review of the previous government鈥檚 拢20bn New Hospital Programme.

She said the moves were necessary after the party uncovered a 拢22bn 鈥渂lack hole鈥� of unfunded spending commitments made by the Conservatives.

Describing the previous Rishi Sunak-led government as 鈥渞eckless and irresponsible鈥�, she claimed the funding gap had been concealed from Parliament and the British people and departments were allocated money which was 鈥渘ot there鈥�, including 拢3bn on rail projects.

鈥淭hey promised solutions that they knew could never be paid for, roads that would never be built, public transport that would never arrive and hospitals that would never treat a single patient,鈥� she said.

Previous Conservative chancellor Jeremy Hunt has denied his government concealed unfunded spending commitment and called Reeves鈥� claims 鈥渄ishonest鈥�.

Reeves said today that despite the funding pressures facing the Treasury there will be 鈥渘o return to austerity鈥�, describing a previous era of cuts under former prime minister David Cameron as 鈥渁 destructive choice for our public services and for investment and growth too鈥�.

She said next month鈥檚 spending plans will constitute a 鈥渂udget with real ambition, a budget to fix the foundations, to deliver the change we promise, to rebuild Britain鈥�.

She confirmed a series of expected tax hikes, including VAT on private schools, ending a non-dom tax loop hole, cracking down on tax evasion and extending an energy profits levy on oil and gas producers to invest in home grown energy.

Reeves added Labour would restore stability following a period of inconsistent policy under the Conservatives with a series of long term plans, including an industrial strategy which will be outlined in a green paper next month before being publushed in full in the spring.

The strategy aims to drive growth in manufacturing and services sectors, create new jobs, unlock investment, break down barriers to regional growth and 鈥渟peed ahead to net zero and clean power by 2030鈥�, the chancellor said.

She also hailed Labour鈥檚 proposed planning reforms and some changes which have already been introduced, including lifting a ban on onshore wind schemes.

>>See also: The ins and outs of Labour鈥檚 new National Planning Policy Framework

鈥淲hat you will see in your town, your city, is a sight that we have not seen often enough in our country - shovels in the ground, cranes in the sky, the sounds and the sights of the future arriving. We will make that a reality,鈥� she told conference attendees.

Labour鈥檚 industrial and planning strategy will see jobs in life sciences across the north west, clean technology across south Yorkshire, and carbon capture in Teesside, Merseyside and Humberside, Reeves said.

She argued the Conservatives had lost this year鈥檚 general election ebcause they 鈥渄o not understand the world as it is today,鈥� and the 鈥減remium of economic stability on an uncertain world鈥�.

鈥淭he Tories cling to the discredited trickle down, trickle out dogma that a strong economy can be built through the contribution of just a few people, just a few parts of the country, or a few industries.

鈥淭hey choked off investment, opened wide gaps between different parts of the country and it suffocated growth and living standards. We will not make those mistakes,鈥� Reeves said.