Jeremy Hunt sets out ambitions for Britain in keynote speech
Chancellor Jeremy Hunt delivered a keynote speech Friday at Bloomberg’s European headquarters in London, where he outlined his long-term plan for prosperity and boosting the UK economy.
In a familiar narrative, Hunt emphasised the opportunities that Brexit provides, saying, “we need to make Brexit a catalyst for the bold choices that we’ll take advantage of”.
The Chancellor also outlined his ‘four pillar’ framework for the government’s future policies for economic growth: “Enterprise, Education, Employment and Everywhere”.
In order to spur and encourage enterprise in the UK, Hunt said, “we need to lower taxes… high taxes directly affect the incentives which determine decisions by entrepreneurs, investors or larger companies about whether to pursue their ambitions in Britain.” He went on, “our ambition should be to have nothing less than the most competitive tax regime of any major country – that means restraint on spending”.
In a follow-up Q&A, the chancellor responded to further questions around taxes by saying, “The biggest, quickest tax cut that the prime minister and I can deliver for families up and down the country is to halve the inflation that is eating away at people’s pay,”
On education, Hunt spoke of “ensuring opportunity is as open to those who do not go to university as to those who do”, while calling for “a fundamental programme of reforms to support people with long-term conditions or mental illness to overcome the barriers and prejudices that prevent them working” to boost employment levels that have fallen since the pandemic. He did not explain what this programme would involve.
He concluded “everywhere”, meaning “the benefits of economic development are felt not just in London and the South-East but across the whole of the UK”, saying “it is socially divisive if young people feel the only way to make a decent living is to head south – but it is also economically damaging”.
Hunt delivered his speech in front of a backdrop that listed the Prime Minister’s priorities outlined earlier this month: halve inflation, grow the economy, reduce debt, cut waiting times, stop the boats.
The full transcript can be read here. Let’s see how the major news outlets responded.
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Brexit Britain’s economy has grown faster than EU big beast France as well as Japan
- While this is partially true, it does leave out two crucial pieces of information
- France experienced a delayed but higher annual growth rate from 2020
- Japan experienced delayed but higher growth, and despite dipping sharply below the UK in 2021, has fluctuated throughout 2020 above the UK GDP growth rate which steadily declined throughout the year.
