Rachel Reeves says new government has inherited ‘worst set of circumstances since second world war’ – as it happened

This live blog is closed.

Rachel Reeves has finished the speech, in which she confirmed a range of measures to speed up planning. I will post a full summary shortly.

She is now taking questions.

I have repeatedly warned that whoever won the general election would inherit the worst set of circumstances since the second world war.

What I have seen in the past 72 hours has only confirmed that. Our economy has been held back by decisions deferred and decisions ducked. Political self-interest put ahead of the national interest. A government that put party first and country second.

New Treasury analysis I requested over the weekend exposed the opportunities lost from this failure.

Had the UK economy grown at the average rate of OECD economies since 2010, it would have been over 140bn larger.