In an address where there were multiple standing ovations in the hall, she explained she won’t take risks with the public finances and warned the UK will "face further tests, with the choices to come made all the harder by harsh global headwinds".
But were there any significant policy announcements? And does the speech signal the choices she will make in November, when her autumn budget is widely expected to include tax rises.
Niall Paterson is joined by Sky’s economics editor Ed Conway to discuss the most important points from the address and what it can tell us about the economy's direction of travel.
Producer: Araminta Parker & Natalie Ktena
Editor: Philly Beaumont
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