Things will get worse before they get better but we have to fix the societal black hole - Sir Keir Starmer

Growth, and frankly by that I do mean wealth creation is the number one priority of this Labour government. That’s why, in our first few weeks, we’ve set up a National Wealth Fund because we want every person and every community to benefit.

It’s why we’ve unlocked planning decisions because we are going to build 1.5 million new homes. It’s why we’ve set up Great British Energy - to create good jobs and cut people’s bills. And it’s why we’ve ended the national strikes that have crippled our country for years. I defy anyone to tell me that you can grow the economy when people can’t get to work – because the transport system is broken. Or can’t return to work – because they’re stuck on an NHS waiting list. We’ve done more in seven weeks than the last government did in seven years.

These are just the first steps towards the change that people voted for. The change I’m determined to deliver but before the election I also gave a warning. I said change would not happen overnight.

When there is a deep rot deep in the heart of a structure, you can’t just cover it up. You can’t tinker or rely on quick fixes. You have to overhaul the entire thing. Tackle it at root. Even if it’s harder work and takes more time.

Otherwise what happens? The rot returns. In all the same places and it spreads worse than before.

That’s why this project has always been about fixing the foundations of our country but I have to be honest with you things are worse than we ever imagined.

In the first few weeks, we discovered a £22bn black hole in the public finances and before anyone says this is just performative or playing politics, let’s remember the OBR did not know about it.

They wrote a letter setting that out and they didn’t know - because the last government hid it. We borrowed almost £5bn more than the OBR expected in the last three months alone. That’s not performative – that’s fact.

But as well as the things we’ve discovered, we’ve also seen shocking scenes across the nation. A mindless minority of thugs – who thought they could get away with causing chaos. Now they’re learning that crime has consequences. I will not tolerate a breakdown in law and order under any circumstances and I will not listen to those who exploit grieving families, and disrespect communities. But these riots didn’t happen in a vacuum. They exposed the state of our country, revealed a deeply unhealthy society.

The cracks in our foundation laid bare – weakened by a decade of division and decline. Infected by a spiral of populism.

We have inherited not just an economic black hole but a societal black hole and that is why we have to take action and do things differently.

Part of that is being honest with people about the choices we face and how tough this will be.

An abridged version of a speech by Prime Minister Sir Keir Starmer at Downing Street.