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Category: Economy

  • David Shaw – 1988 Speech on the Budget

    David Shaw – 1988 Speech on the Budget

    The speech made by David Shaw, the then Conservative MP for Dover, in the House of Commons on 17 March 1988.

    I welcome the Budget because throughout the 1970s—the start of my working career—I witnessed an economy which went from stop-start to start-stop. The 1970s began with economic growth, but ended in decline. Towards the end of the 1970s, world opinion of us was at an all-time low. Far worse than that, however, was the attitude of the Labour Government towards the Health Service in 1976. The National Health Service suffered badly under Labour, but last November my right hon. Friend the Chancellor announced that £1.1 billion more would be put into it next year.

    Many things are wrong with the National Health Service. There are no satisfactory performance indicators by which to monitor its efficiency. Numbers of administration staff are still rising; on figures that I have seen, it appears that there are more administrators in the National Health Service than in the health service of the United States. I welcome the Government’s review, therefore. The Government’s approach has to do with value for money, not blank cheques.

    My right hon. Friend the Chancellor gave us all good news about the economy in his Budget speech. He said, among other things, that manufacturing exports were up by 8.5 per cent. and that unit labour costs hardly rose last year, which shows that there is more efficiency and success in the economy.

    Mr. Battle rose—

    Mr. Shaw I shall not give way. There are others wishing to speak.

    The figures that were announced today should no longer be known as the unemployment figures but as the employment and job vacancy figures. In February alone, 86,000 more jobs were created. There are now 260,000 registered vacancies, which—it is well known—are only a third of total vacancies.

    I was delighted with my right hon. Friend’s other announcements of success. He said that we had had six years of sustained economic growth, achieved through tax cuts. We have had six years of sustained increases in public expenditure and of real increases in National Health Service funding. That could only come about through managing the economy successfully. However, I suggest to the Minister that the Government have had one economic failure—they have not yet convinced the Opposition that there is no such thing as a free lunch.

    Mr. Corbyn The hon. Gentleman has them all the time.

    Mr. Shaw The Budget was about increasing personal responsibility and putting people’s incomes under their own control. It was also about home and share ownership. I am delighted that there are now 9 million shareholders in the country, a number which the Government proposals should increase. The benefits of privatisation are not only to widen ownership but to increase the profits being earned by the privatised companies to levels higher than they earned in the public sector. As a result of those profits, more taxes are paid to the Exchequer than when the companies were in the public sector. The privatised companies are also better at providing consumer services than they ever were in the public sector.

    Budgets are about income and how much the Government take away in taxation. I welcome the proposals on the taxation treatment of wives. For more than 200 years that treatment has been unfair. For much of that time the tax on marriage has been excessive. When I got married, I was charged more by the Inland Revenue on my marriage than my wife’s wedding ring cost.

    There are lower taxes for everyone in the Budget. Some will ask, “Why not more lower taxes?” About 750,000 people have been removed from tax altogether and some us might ask, “Why not a million?” The staff nurse who has had a 2.5 per cent. net pay increase as a result of tax deductions is a case in point. Some will ask why she should not be given a 3 per cent. reduction. I want more tax reductions.

    As for the famous business man that almost every Labour spokesman has mentioned, one must ask why the Opposition hate success. Why do Opposition Members hate the people who create jobs and who earn money overseas and bring it back to this country? Why do they hate successful business men who manage companies here and abroad and who bring profits and dividends to this country? The Opposition hate, and will always speak against, success. We should not lose sight of the massive contribution that the higher rate taxpayers have made to the country under the Government. When in government, the Labour party tried to squeeze them until the pips squeaked, but they raised only £800 million from the higher rate taxpayers. Under this Government, higher rate taxpayers pay £3,800 million a year which, even after the reduction of £1 billion, will still be about three times as much as Labour managed to get from them by the end of their years in office. I believe that next year the higher rate taxpayers will still be paying as much as this year because, with the tax cuts, they will be earning more, going in for fewer tax avoidance schemes, putting less money into pension plans and more into creating jobs and new businesses.

    We are going to remove many of the technical requirements that have been holding some share option schemes back, but they have not exactly held back share ownership in this country: 1,500,000 people are now in such schemes. We now have a true capital-owning democracy. I am pleased to say that some of those 1.5 million people are in my constituency. Many secretaries, typists and shop floor workers there are part of share option schemes and have done well out of them.

    I was also delighted by the abolition of yet another tax—capital duty. I have been involved for some time in my business career with helping to raise equity finance for companies and businesses, and capital duty was a considerable expense that hit those companies’ receipts right at the start of their new expansion phases. It came in just as the equity finance was being raised, and has proved extremely disadvantageous over the years.

    I wish to draw attention to the business expansion scheme, in which I worked for some time raising money for very small businesses. It has been a success, not as a means of helping the rich to avoid taxes as Opposition Members say—according to one report, more than 20 per cent. of the people who invest in the business expansion scheme pay tax at the standard rate—but in helping 2,200 small businesses, many of them having raised less than £100,000.

    However, there has been one thing wrong with the business expansion scheme. Indeed, four years ago I brought this to the attention of my right hon. Friend, who was then a Treasury Minister and is now the Secretary of State for Social Services. In a paper which is no doubt gathering dust in the Treasury, but which perhaps might have been brought out recently, I pointed out that we should cap the business expansion scheme. I am delighted that the Government are now to do so at £500,000 for any one company.

    However, I draw the attention of my hon. Friend the Economic Secretary to the Treasury to articles in today’s newspapers and to representations that have been made to me that that policy, as announced, could be unfair. There are several prospectuses out at the moment for the purpose of raising money under the business expansion scheme. The case of one small company has been brought to my attention. Although only about £600,000 is being raised to help expand the business and to create more jobs, that company may lose the whole of the money subscribed for shares because it may not he able to close the issue. That company has had to spend between £70,000 and £100,000 in legal and advisory fees, which will be lost if the issue cannot be closed. The problem of costs is caused by the Financial Services Act 1986, which is correct and proper in protecting shareholders but which has made more expensive the legal and professional advice that is required for the issue of prospectuses. I hope that my hon. Friend will be able to consider that, if the date of the issue of a prospectus is after Budget day, then that date could be the closing date for investment under the business expansion scheme being limited to £500,000 or so. I would advise him that some relief is needed on this point.

    I realise that time is getting on and conclude by saying that I welcome the Budget and the tax changes that have been made. This Budget is about increasing the number of jobs in our economy and the prosperity of individuals and businesses. I believe that the nation will be a lot better off with the many years of sustained economic growth that lie ahead of us because of this Budget.

  • Kwasi Kwarteng – 2022 Speech to the Conservative Party Conference

    Kwasi Kwarteng – 2022 Speech to the Conservative Party Conference

    The speech made by Kwasi Kwarteng, the Chancellor of the Exchequer, in Birmingham on 3 October 2022.

    Thank you, conference.

    What a day!

    It has been tough, but we need to focus on the job in hand.

    We need to move forward.

    No more distractions. We have a plan, and we need to get on and deliver it.

    That’s what the public expect from their government.

    But first conference, welcome back to Birmingham.

    This is a remarkable city.

    It has a history of great brilliance

    Joseph Chamberlain in the nineteenth century was an extraordinary civic leader who led Birmingham and the world through the industrial revolution.

    And today Andy Street is following in that great tradition.

    Grafts and grit turned this small town first into a thriving industrial market.

    Then into one of the centres of the industrial revolution…

    Which powered and grew not just the British economy,

    But provided the new technologies that changed the world forever.

    The Industrial Revolution was one of the most monumental transformations in human history.

    And it began here.

    With determination and application

    Those Britons built a thriving economy.

    They inspire me today.

    They remind us that in Britain, with the British people, absolutely anything is possible.

    Our Plan today focuses on the same, bold sentiment.

    The same inspiration

    To deal with the challenges of today by giving people the tools they need to thrive tomorrow.

    To get Britain moving.

    We have great ideas

    We have the same inspirational people

    And I know we have the same determination.

    Our Growth Plan set out ten days ago will ensure we focus relentlessly on economic growth.

    Because we must face up to the fact that for too long our economy has not grown enough.

    The path ahead of us was one of slow, managed decline.

    But I refuse to accept that it is somehow Britain’s destiny to fall back into middle league status…

    …or that the tax burden reaching a 70-year-high is somehow inevitable.

    It isn’t, and it shouldn’t be.

    Conference we needed a new approach, focused on raising economic growth.

    Because that is the only real way to deliver opportunities, to deliver higher wages, to deliver more jobs, and crucially, to deliver that revenue to fund our precious public services…

    …and it is the best and only way of achieving long-term fiscal sustainability.

    Because it is only by raising economic growth that we will spread opportunity and prosperity to every corner of our country.

    With economic growth, everybody benefits.

    And I mean everybody.

    Whilst we all believe in growth

    We as Conservatives also believe, it is an important principle that people should keep more of the money they earn.

    I don’t need to tell you that. That isn’t radical. That isn’t irresponsible.

    It is a deeply held belief that we all share as Conservatives.

    We were faced with a 70-year high tax burden,

    … we were confronted with low growth

    … and the path we were on was clearly unsustainable.

    So that’s why we are cutting taxes for working people.

    That’s why we will reverse the National Insurance hike on the 6th November.

    And that’s why we will bring forward the 1p cut to the basic rate of Income Tax by one year.

    And that’s why we will take 200,000 people out of paying Stamp Duty altogether.

    Taken together … this is what our support will do for all our people.

    Thanks to our energy intervention, a typical person in a semi-detached property will save £1,150 on their energy bills this winter.

    On top of the £400 discount.

    And if they are earning an average salary, they will benefit from an additional tax cut of around £400.

    That is almost a TWO-THOUSAND-POUNDS saving this year alone.

    But I can be frank, I know the plan put forward only ten days ago has caused a little turbulence.

    I get it. We are listening and have listened.

    And now want to focus on delivering the major parts of our growth package because with…

    Energy bills skyrocketing

    A painful Covid aftermath

    War on our continent

    A 70-year high tax burden

    Slowing global growth rates

    And glacially slow infrastructure delivery:

    We couldn’t simply do nothing.

    We can’t sit idly by.

    What Britain needs more than ever is economic growth…

    And a government wholly committed to economic growth.

    That is why we will forge a new economic deal for Britain…

    …backed by an ironclad commitment to fiscal discipline.

    More businesses. More jobs. Higher pay. More money for public services.

    Because we cannot have a strong NHS without a strong economy.

    We can’t have good schools without a strong economy.

    We cannot fund our Armed Forces without a strong economy.

    So growing our economy should be our central and guiding mission.

    With this plan, we are aiming for two and a half percent annual trend growth.

    We have done it before, and we can do it again.

    And even in the face of extreme volatility in global markets…

    …with major currencies wrestling an incredibly strong US dollar…

    …and longer-term trends from demographic change to climate change…

    …we will show that our plan is sound, that it is credible and that it will increase growth.

    That is our pledge to the people of this country.

    However, there is an immediate challenge facing not just our country, not just our people, but the whole of Europe…

    The high cost of energy driven by Putin’s barbaric invasion of Ukraine.

    Cast your mind back just four weeks ago.

    We had dire warnings of extreme energy prices to come.

    Corner shops to heavy industry predicted unprecedented disruption.

    Business groups feared mass unemployment.

    Entire livelihoods were on the line.

    Make no mistake, this was a very real prospect for our country.

    So, within 48 hours of taking office, we announced one of the most significant interventions ever conceived by the British state…

    Annual energy bills of up to £6,500 from next year were staring us in the face.

    Everybody was worried.

    Now, we are holding down the price at an average of £2,500.

    Not just this winter like the Labour Party promised… but next winter too.

    Two years of significant taxpayer support to protect our people.

    Because THIS government will always be on the side of those who need help the most.

    For our businesses too, Conference, help is on its way.

    A local pub could save £3,100 a month, cutting their bills by 40 per cent.

    And we have also frozen Alcohol Duty!

    Make no mistake, this is a monumental support package to protect millions of families and businesses from devastating price hikes unleashed by Vladimir Putin.

    There is no doubt that this is a substantial intervention, but we had no choice.

    Doing nothing was simply not an option.

    We couldn’t just cross our fingers and hope for the best.

    The price of inaction would have been far greater than the cost of the scheme.

    We will deal with the short-term shocks caused by Putin…

    But we must also go for growth to ensure we are much more self-sufficient.

    We will tackle the mistakes of the past to ensure the UK can NEVER again be blackmailed by people such as Putin and his like.

    When Covid hit our shores, we were right to intervene to protect lives and livelihoods.

    And I can say – in all sincerity – that we went into that crisis in a much better position because of the action we have taken over the last decade.

    Because of successive Conservative governments, the UK now has the second lowest debt to GDP ratio in the G7.

    And throughout this urgent endeavour of ours to protect Britain from high energy costs… and in response to…

    … the urgent need to grow our economy… we have taken the appropriate action.

    Our entire approach will be underpinned by a strong institutional framework, which enhances growth in our country…

    …including our independent Bank of England and Office for Budget Responsibility.

    We will have a strong fiscal anchor with debt falling as a proportion of GDP over the medium term.

    That is the Conservative way.

    But today, we face new challenges.

    And in addressing those challenges, we will act in a fiscally sustainable and responsible way.

    That is why, shortly, we will publish our Medium-Term Fiscal Plan setting out our approach more fully.

    It will set out how we plan to get debt falling as a percentage of GDP over the medium term.

    And I have asked the OBR to publish a full economic and fiscal forecast alongside our Medium Term Fiscal Plan.

    There is no path to higher sustainable economic growth without fiscal responsibility.

    Conservatives have always known this and we know it still.

    And it is because we are Conservatives, that we must remain absolutely committed to being serious custodians of the public purse.

    This is what defines us – and separates us from the Labour Party

    But conference, to grow the economy we really do need to do things differently.

    We know that it is our towns and cities which drive much of our economic growth today.

    Business investment, skills, science and technology, infrastructure, housing, energy supply, strong financial services…

    …these are the key ingredients for higher economic growth and well-funded public services.

    I had the great privilege of being Business Secretary for nearly 2 years.

    I visited every corner of this country.

    I saw the creativity, the drive, the entrepreneurial spirit.

    We have to celebrate our entrepreneurs, our business people, our job creators, people who are taking risks…

    But I also saw where government got in the way of progress.

    My job now is to free that potential.

    This starts with Investment Zones.

    We will empower local areas to do things differently, just as here in Birmingham.

    We will liberalise planning rules, releasing land and accelerating development.

    We will cut taxes for business in these zones.

    We will accelerate tax reliefs for new structures and buildings.

    We will provide relief on investments on plant and machinery.

    We will lower taxes which stop businesses hiring and skilling up their workforce.

    That is an unprecedented set of incentives for business to invest, to build, and to create jobs right across the country.

    And it will start right now.

    Conference, we will…get… Britain… moving.

    But too often regulation holds business and Britain back.

    Stifling red tape puts up too many barriers for entrepreneurs looking to scale up…

    …there are too many rules for the small business owner who wants to take on an apprentice

    … there are too many burdens on our finance sector stopping it from investing in key projects

    And when Britain’s innovators, job creators, entrepreneurs and risk takers are held back…

    …so is Britain.

    That is why we will review, replace or repeal retained EU law holding our country back.

    We will also speed up the delivery of infrastructure and promote house building to create a true home owning, shareholding democracy.

    Unapologetically, and emphatically we will get out the way to get Britain building and on its feet.

    Over the coming days and weeks, we will forge ahead and break down the barriers that have held our country back for too long.

    On childcare, agriculture, immigration, planning, energy, broadband, business, financial services…

    Sensible, economic reforms to produce more of the products and services we need to drive down costs.

    To create jobs

    And generate higher pay and productivity.

    And when it comes to those who would hold us back, we will act.

    Pernicious strike action disrupts the lives of the British people and it slows down our economy.

    It stops children going to school.

    It stops parents from going to work.

    And it stops people from getting the vital care they need.

    Action which slows down our economy cannot be the policy of any serious party serious about growth.

    And a party which is not serious about growth, can never be considered fit for office.

    So, we will introduce important reforms to stop strike action from derailing our daily lives.

    Reform to get Britain moving.

    Conference, I am unashamedly a pro-business Conservative.

    I know that the interests of businesses and hardworking families are not in conflict. They are aligned.

    When businesses thrive, they create more jobs, they raise wages, and they contribute more for our public services.

    Rather than bashing business, we’re backing it.

    That is why we need to make our tax system simpler, more competitive and pro-growth.

    So, we will reverse the planned increase in Corporation Tax, ensuring we have the lowest rate in the G20.

    This will plough almost £19bn a year back into the economy.

    That’s £19bn for businesses to reinvest, to create jobs and raise wages.

    We will reverse the reforms to IR35 that have added unnecessary complexity and cost for so many businesses.

    We will maintain the £1 million Annual Investment Allowance, giving 100% tax relief on investments in plant and machinery.

    For over a decade, the Conservative Party has stood up for working people in this country.

    Since 2010, we have delivered:

    ● The lowest unemployment since the 1970s

    ● A million new businesses

    ● More than doubling the tax-free personal allowance

    ● We have taken 2 million of the lowest paid OUT of paying tax altogether.

    ● The National Living Wage, boosting the pay packets of the lowest paid

    ● Fuel duty, frozen for 12 years.

    ● The £1,000 uplift in Universal Credit, making sure work always pays.

    These are great achievements. Conservative achievements.

    And let us not forget…

    When this Party came into Government – we were met with the full force of Labour’s economic incompetence.

    ● ‘No money left’

    ● Taxes raised

    ● Record unemployment.

    We reversed that story of national decline.

    But even after three election defeats, they still haven’t learned their lesson.

    The Labour Party would have you believe that every penny you earn should go straight into the Government’s coffers.

    The Labour Party believe that they know how to spend your money better than you do.

    The Labour Party believe that you can tax your way to growth.

    We don’t believe that.

    We believe in low tax, high growth and fiscal discipline. We are Conservatives.

    And that’s what our growth plan delivers.

    Last week we saw a Labour Party with the same old ideas

    Renationalisation

    … empty slogans

    … and no plan for growth.

    But we as Conservatives believe in Britain.

    We love this country, our patriotism, isn’t something that we turn on and off and negotiate like the Labour Party

    It goes to the core of what it is to be a Conservative… it is an unyielding quality.

    Yes we have challenges to face.

    But our plan will take this country forward.

    We will get Britain moving.

    We will deliver lower taxes for you and your family.

    And we will grow our economy.

    I know we can achieve that goal.

    With grit, with drive and with determination

    We can meet the challenges of this new era.

    Thank you.

  • Sadiq Khan – 2022 Statement on the Government’s Fiscal Statement

    Sadiq Khan – 2022 Statement on the Government’s Fiscal Statement

    The statement made by Sadiq Khan, the Mayor of London, on 23 September 2022.

    The measures in this Budget are not only unfair, but will put public finances on an unsustainable footing, which risks harming our economy for years to come.

    As the country grapples with the worst cost of living crisis in decades, the Chancellor has today prioritised massive unfunded tax giveaways for the wealthy, rather than helping those households that are really struggling.

    There is not enough in today’s Fiscal Statement to help those families and businesses who need support the most.

    Today was a missed opportunity from the Chancellor who could have made a real difference to millions of Londoners by providing free school meals to all primary school children, uplifting Universal Credit and ensuring that the most vulnerable receive a basic amount of free energy. He should also have given me the power to freeze private rents in London, which would save people £3,000 over two years.

    Instead the Government has chosen to bring in an swathe of tax cuts that they admit will disproportionately benefit the most wealthy in society. Londoners who are struggling to make ends meet will be disappointed at the lack of immediate help today.

  • Bank of England – 2022 Statement on the Collapse of the Pound

    Bank of England – 2022 Statement on the Collapse of the Pound

    The statement made by the Bank of England on 26 September 2022.

    The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets.

    In recent weeks, the Government has made a number of important announcements. The Government’s Energy Price Guarantee will reduce the near-term peak in inflation. Last Friday the Government announced its Growth Plan, on which the Chancellor has provided further detail in his statement today. I welcome the Government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances.

    The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the Government’s announcements, and the fall in sterling, and act accordingly. The MPC will not hesitate to change interest rates by as much as needed to return inflation to the 2% target sustainably in the medium term, in line with its remit.

  • Rachel Reeves – 2022 Response to the Chancellor’s Fiscal Statement

    Rachel Reeves – 2022 Response to the Chancellor’s Fiscal Statement

    The speech made by Rachel Reeves, the Shadow Chancellor of the Exchequer, in the House of Commons on 23 September 2022.

    Thank you, Mr Speaker.

    I would like to welcome the Rt Hon Gentleman to his place and I thank him for his statement.

    He is the third Conservative Chancellor this year – and it’s still only September.

    The Chancellor has confirmed that the costs of the energy price cap will be funded by borrowing, leaving the eye-watering windfall profits of the energy giants untaxed.

    The oil and gas producers will be toasting the Chancellor in the boardrooms as we speak – while working people are left to pick up the bill.

    Borrowing higher than it needs to be, just as interest rates rise.

    And yet the Chancellor refuses to allow independent economic forecasts to be published which would show the impact of this borrowing on our public finances on growth and inflation.

    It is a budget without figures.

    A menu without prices.

    What, Mr Speaker, has he got to hide?

    This statement is an admission of 12 years of economic failure.

    And now here we are – one last throw of the dice, one last claim that these ministers will be different.

    For all the chopping and changing and chaos and confusion there has been one person here throughout.

    The Prime Minister.

    She’s been a minister for a decade, out defending every single economic decision.

    When the Prime Minister says she wants to break free from the past, what she really means is she wants to break free from her own record.

    Because where have the last 12 years left us?

    Lower growth, lower investment, lower productivity.

    And today, we learn we have the lowest consumer confidence since records began.

    The only things that are going up are inflation, interest rates and bankers’ bonuses.

    As the Tories become more and more detached from reality millions of people are lying awake at night worrying about how they’ll make ends meet.

    Labour won the argument that action on energy bills was necessary.

    But the question is: who pays?

    The energy producers who have profited so much from the rise in prices should make a contribution.

    But when the country asked who should foot the bill for their energy rescue
    package the Conservatives responded: “you”, the British people.

    Instead of standing up for working people, the Conservatives chose to shield the gigantic windfall profits of the energy giants leaving tens of billions of pounds on the table and pushing all the costs onto borrowing to be paid for by current and future taxpayers.

    This Prime Minister and Chancellor have no regard for taxpayers’ interests or the concerns of working people.

    It’s not just that this Conservative government is not working for ordinary families – it’s actively working against them.

    Mr Speaker, we have had six so-called growth plans from the Conservatives since 2010.

    A litany of failure.

    I do at least commend the Chancellor on having the ambition of achieving two and a half percent growth a year – the last Labour government’s rate of growth.

    But to achieve that sort of growth and for that growth to be sustainable, you need a credible plan.

    And the truth is that this government does not have one.

    The Prime Minister and Chancellor are like two desperate gamblers in a casino, chasing a losing run.

    The argument peddled by the Chancellor today isn’t a great new idea as much as he’d like us to think so.

    What this plan adds up to is to keep corporation tax where it is today and to take national insurance, which they voted to increase, back to where it was last March.

    Some new plan!

    And it’s based on an outdated ideology that says if we simply reward those who are already wealthy, the whole of society will benefit.

    They’ve decided to replace levelling up with trickle down.

    As President Biden said this week, he is “sick and tired of trickle-down economics.”

    And he is right to be.

    It is discredited, it is inadequate and it will not unleash the wave of investment that we need.

    Mr Speaker, it’s not just this side of the House with concerns.

    The Rt Hon Member for Surrey Heath, described the Prime Minister’s economic plans as ‘taking a holiday from reality’.

    The Rt Hon Member for Richmond, two Chancellors ago, was perhaps too honest with his party when he told them:

    “We tried having a … low corporation tax … as a means of getting businesses to invest.”

    But that “It has not worked.”

    The new Chancellor and Prime Minister used to agree with that.

    They voted for the corporation tax rise, and Labour supported it too.

    Members opposite might have changed their minds, but we have not.

    Because the evidence shows that low rates of Corporation Tax are not the best way to boost investment and productivity and the Tories’ own record shows that.

    Britain has the lowest headline rate of corporation tax in the G7 but we also have the lowest rate of private investment.

    That’s why Labour would do what businesses are actually asking for:

    Using targeted investment allowances to boost productivity and growth.

    And scrapping outdated and unfair Business Rates, that harm our small businesses and high streets replacing them with a system that’s fit for the 21st Century.

    What about their other policies?

    Let’s take these so-called ‘investment zones’.

    Again, these are nothing new.

    Every time they were tried, all they have achieved was moving growth around
    the country, not creating growth.

    The best way out of this high tax, low growth spiral that the Tories have created is to get the economy firing on all cylinders in all parts of the country.

    It’s going to take much more than a stamp duty cut to get our economy back on track and home ownership back to the levels last seen under the Labour government.

    These stamp duty changes have been tried before.

    Last time they did it, a third of the people who benefited were buying a second or third home, or a buy to let property.

    Is that really the best use of taxpayers money when borrowing and debt are already so high?

    And can the Chancellor confirm today how much of his stamp duty cut will go to those purchasing multiple properties?

    Instead of a stamp duty rates going up and down like a yo-yo, we’ve got to get building.

    We need to target support at first time buyers and tackle the issue of homes being sold to overseas investors.

    The Chancellor has made clear today who his priorities are. Not a plan for growth, a plan to reward the already wealthy.

    A return to the trickle down of the past, back to the past, not a brave new future.

    This Chancellor and Prime Minister proclaimed in Britannia Unchained that ‘the British are amongst the worst idlers in the world’.

    And to prove they mean it, instead of supporting working people this government is cutting their rights at work.

    Working people are the backbone of Britain and should be respected not sneered at.

    Labour will always stand up for their rights.

    The Chancellor has in effect today admitted he has broken his fiscal rules.

    This is the 10th time the Tories have broken their own rules, something that I’m sure the Office for Budget Responsibility would have confirmed if they had been allowed to publish their forecasts today.

    Mr Speaker, it is unprecedented to have a fiscal statement of this scale with no independent forecasts from the Office for Budget Responsibility.

    Never has a government borrowed so much and explained so little.

    Economic institutions matter.

    Yet this government has undermined the Bank of England, sacked the respected Permanent Secretary at the Treasury and silenced the Office for Budget Responsibility.

    That is no way to build confidence.

    This is no way to build growth.

    Mr Speaker, Labour believes in wealth creation.

    We will always support enterprise, creativity and hard work.

    We want British businesses to grow, to be successful and contribute to our wider prosperity.

    We don’t believe – as the Chancellor and Prime Minister do – that British workers are idlers.

    We understand that it is the workers who turn up every day to make the great product at a factory or deliver a great service in the store who generate growth.

    It is the teachers giving the young people the skills they need.

    It is the doctors and nurses keeping people well.

    It is the entrepreneur taking a personal risk to start a new business.

    These are the people who generate growth – and they all deserve to share in it too.

    Mr Speaker this statement is more than a clash of policies.

    It is a clash of ideas – two different ideas of how our country prospers.

    If you’re a pensioner worried about the cost of living, a working family seeing your mortgage costs going up or a small business owner whose costs are spiralling, the government’s announcements today do little to reassure you.

    Bigger bonuses for the bankers and huge profits for energy giants, shamelessly shielded by Downing Street.

    And all the while, ministers pile the crushing weight of all these costs onto the backs of taxpayers.

    The Conservatives can’t solve the cost of living crisis.

    The Conservatives are the cost of living crisis.

    And our country cannot afford them anymore.

  • Andrew Bailey – 2022 Letter to the Chancellor of the Exchequer on Inflation

    Andrew Bailey – 2022 Letter to the Chancellor of the Exchequer on Inflation

    The letter sent by Andrew Bailey, the Governor of the Bank of England, to Kwasi Kwarteng, the Chancellor of the Exchequer, on 22 September 2022.

    [in .pdf format]

  • Kwasi Kwarteng – 2022 Letter to the Governor of the Bank of England on Inflation

    Kwasi Kwarteng – 2022 Letter to the Governor of the Bank of England on Inflation

    The letter sent by Kwasi Kwarteng, the Chancellor of the Exchequer, to Andrew Bailey, the Governor of the Bank of England, on 22 September 2022.

    [in .pdf format]

  • Kwasi Kwarteng – 2022 Mini Budget Statement in the House of Commons

    Kwasi Kwarteng – 2022 Mini Budget Statement in the House of Commons

    The statement made by Kwasi Kwarteng, the Chancellor of the Exchequer, in the House of Commons on 23 September 2022.

    Mr Speaker,

    Let me start directly with the issue most worrying the British people – the cost of energy.

    People will have seen the horrors of Putin’s illegal invasion of Ukraine.

    They will have heard reports that their already-expensive energy bills could reach as high as £6,500 next year.

    Mr Speaker, we were never going to let this happen.

    The Prime Minister has acted with great speed to announce one of the most significant interventions the British state has ever made.

    People need to know that help is coming.

    And help is indeed coming.

    We are taking three steps to support families and businesses with the cost of energy.

    Firstly, to help households, the Energy Price Guarantee will limit the unit price that consumers pay for electricity and gas.

    This means that for the next two years, the typical annual household bill will be £2,500.

    For a typical household, that is a saving of at least £1,000 a year, based on current prices.

    We are continuing our existing plans to give all households £400 off bills this winter.

    So taken together, Mr Speaker, we are cutting everyone’s energy bills by an expected £1,400 this year.

    And millions of the most vulnerable households will receive additional payments, taking their total savings this year to £2,200.

    Secondly, as well as helping people, we need to support the businesses who employ them.

    The Energy Bill Relief Scheme will reduce wholesale gas and electricity prices for all UK businesses, charities, and the public sector like schools and hospitals.

    This will provide a price guarantee equivalent to the one provided for households, for all businesses across the country.

    Thirdly, energy prices are extremely volatile, erratically rising and falling every hour.

    This creates real risks to energy firms who are otherwise viable businesses.

    Those firms help supply the essential energy needed by households and businesses.

    So to support the market, we are announcing the Energy Markets Financing Scheme.

    Delivered with the Bank of England, this scheme will provide a 100% guarantee for commercial banks to offer emergency liquidity to energy traders.

    Mr Speaker,

    The consensus amongst independent forecasters is that the Government’s energy plan will reduce peak inflation by around 5 percentage points.

    It will reduce the cost of servicing index-linked government debt and lower wider cost of living pressures.

    And it will help millions of people and businesses right across the country with the cost of energy.

    Let no one doubt: during the worst energy crisis in generations, this Government is on the side of the British people.

    The Bank of England are taking further steps to control inflation, acting again only yesterday.

    I can assure the House, this Government considers the Bank of England’s independence to be sacrosanct.

    And we remain closely coordinated, with the Governor and myself speaking twice a week.

    But Mr Speaker,

    High energy costs are not the only challenge confronting this country.

    Growth is not as high as it should be.

    This has made it harder to pay for public services, requiring taxes to rise.

    In turn, higher taxes on capital and labour have lowered returns on investment and work, reducing economic incentives and hampering growth still further.

    This cycle has led to the tax burden being forecast to reach the highest levels since the late 1940s – before even Her Late Majesty acceded to the throne.

    We are determined to break that cycle.

    We need a new approach for a new era, focused on growth.

    Our aim, over the medium term, is to reach a trend rate of growth of 2.5%.

    And our plan is to expand the supply side of the economy through tax incentives and reform.

    That is how we will deliver higher wages, greater opportunities, and crucially, fund public services, now and into the future.

    That is how we will compete successfully with dynamic economies around the world.

    That is how we will turn the vicious cycle of stagnation into a virtuous cycle of growth.

    So as a Government, we will focus on growth – even where that means taking difficult decisions.

    None of this is going to happen overnight. But today we are publishing our Growth Plan that sets out a new approach for this new era, built around three central priorities:

    Reforming the supply-side of the economy.
    Maintaining responsible approach to public finances
    And cutting taxes to boost growth.
    Mr Speaker,

    The UK has the second-lowest debt to GDP ratio of any G7 country.

    In due course, we will publish a Medium-Term Fiscal Plan, setting out our responsible fiscal approach more fully.

    Including how we plan to reduce debt as a percentage of GDP over the medium term.

    And the OBR will publish a full economic and fiscal forecast before the end of the year, with a second to follow in the new year.

    Fiscal responsibility remains essential for economic confidence, and it is a path we remain committed to.

    Today we are publishing costings of all the measures the Government has taken.

    And those costings will be incorporated into the OBR’s forecast in the usual way.

    The House should note that the estimated costs of our energy plans are particularly uncertain, given volatile energy prices.

    But based on recent prices, the total cost of the energy package, for the six months from October, is expected to be around £60bn.

    We expect the cost to come down as we negotiate new, long term energy contracts with suppliers.

    And, in the context of a global energy crisis, it is entirely appropriate for the government to use our borrowing powers to fund temporary measures in order to support families and businesses.

    That’s what we did during the Covid-19 pandemic.

    A sizeable intervention was right then…and it is right now.

    The heavy price of inaction would have been far greater than the cost of these schemes.

    Mr Speaker,

    We are at the beginning of a new era.

    As we contemplate this new era, we recognise that there is huge potential in our country.

    We have unbounded entrepreneurial drive.

    We have highly skilled people.

    We have immense global presence in sectors like finance, life sciences, technology, and clean energy.

    But Mr Speaker, there are too many barriers for enterprise. We need a new approach to break them down. That means reforming the supply side of our economy.

    Over the coming weeks, my Cabinet colleagues will update the House on every aspect of our ambitious agenda.

    Those updates will cover: the planning system, business regulations, childcare, immigration, agricultural productivity, and digital infrastructure.

    And Mr Speaker, we start this work today.

    An essential foundation of growth is infrastructure.

    The roads, railways, and networks that carry people, goods, and information all over our country.

    Today, our planning system for major infrastructure is too slow and fragmented.

    The time it takes to get consent for nationally significant projects is getting slower, not quicker, while our international competitors forge ahead.

    We have to end this.

    We can announce that in the coming months, we will bring forward a new Bill to unpick the complex patchwork of planning restrictions and EU-derived laws that constrain our growth.

    We will streamline a whole host of assessments, appraisals, consultations, endless duplications, and regulations.

    We will also review the government’s business case process to speed up decision making.

    And today, we are publishing a list of infrastructure projects that will be prioritised for acceleration, in sectors like transport, energy, and telecoms.

    And, to increase housing supply and enable forthcoming planning reforms, we will also increase the disposal of surplus government land to build new homes.

    Mr Speaker, we are getting out of the way to get Britain building.

    Mr Speaker,

    One of the proudest achievements of our government is that unemployment is at the lowest level for nearly fifty years.

    But with more vacancies than unemployed people to fill them, we need to encourage people to join the labour market.

    We will make work pay by reducing people’s benefits if they don’t fulfil their job search commitments.

    We’ll provide extra support for unemployed over-50s.

    And we’ll ask around 120,000 more people on Universal Credit to take active steps to seek more and better paid work, or face having their benefits reduced.

    And, Mr Speaker,

    At such a critical time for our economy, it is simply unacceptable that strike action is disrupting so many lives.

    Other European countries have Minimum Service Levels to stop militant trade unions closing down transport networks during strikes.

    So we will do the same.

    And we will go further.

    We will legislate to require unions to put pay offers to a member vote, to ensure strikes can only be called once negotiations have genuinely broken down.

    Of course, Mr Speaker, to drive growth, we need new sources of capital investment.

    To this end, I can announce that we will accelerate reforms to the pension charge cap so that it will no longer apply to well-designed performance fees.

    This will unlock pension fund investment into UK assets and innovative, high growth businesses.

    It will benefit savers and increase growth.

    And, we will provide up to £500 million to support new innovative funds and attract billions of additional pounds into UK science and technology scale-ups.

    And Mr Speaker, this brings me to the cap on bankers’ bonuses.

    A strong UK economy has always depended on a strong financial services sector.

    We need global banks to create jobs here, invest here, and pay taxes here in London, not Paris, not Frankfurt, not New York.

    All the bonus cap did was to push up the basic salaries of bankers, or drive activity outside Europe.

    It never capped total remuneration, so let’s not sit here and pretend otherwise.

    So we’re going to get rid of it.

    And to reaffirm the UK’s status as the world’s financial services centre, I will set out an ambitious package of regulatory reforms later in the Autumn.

    But Mr Speaker,

    To support growth right across the country, we need to go further, with targeted action in local areas.

    So today, I can announce the creation of new investment zones.

    We will liberalise planning rules in specified agreed sites, releasing land and accelerating development.

    And we will cut taxes.

    For businesses in designated tax sites, for ten years, there will be:

    Accelerated tax reliefs for structures and buildings.

    And 100% tax relief on qualifying investments in plant and machinery.

    On purchases of land and buildings for commercial or new residential development, there will be no stamp duty to pay whatsoever.

    On newly occupied business premises, there will be no business rates to pay whatsoever.

    And if a business hires a new employee in the tax site, then on the first £50,000 they earn…

    …the employer will pay no National Insurance whatsoever.

    That is an unprecedented set of tax incentives for business to invest, to build, and to create jobs right across the country.

    I can confirm for the House that we’re in early discussions with nearly 40 places like Tees Valley, the West Midlands, Norfolk and the West of England to establish Investment Zones.

    And we’ll work with the devolved administrations and local partners to make sure Scotland, Wales and Northern Ireland will also benefit, if they are willing to do so.

    If we really want to level up, Mr Speaker – we have to unleash the power of the private sector.

    And now, Mr Speaker, we come to tax – central to solving the riddle of growth.

    The tax system is not simply about raising revenue for public services, vitally important though that is. Tax determines the incentives across our whole economy.

    And we believe that high taxes reduce incentives to work, they deter investment and they hinder enterprise.

    As the Prime Minister has said, we will review the tax system to make it simpler, more dynamic, and fairer for families.

    And we are taking that first step today.

    Mr Speaker,

    The interests of businesses are not separate from the interest of individuals and families.

    In fact, it is businesses that employ most people in this country.

    It is businesses that invest in the products and services we rely on.

    Every additional tax on business is ultimately passed through to families through higher prices, lower pay, or lower returns on savings.

    So I can therefore confirm that next year’s planned increase in Corporation Tax will be cancelled.

    The UK’s corporate tax rate will not rise to 25% – it will remain at 19%.

    We will have the lowest rate of Corporation Tax in the G20.

    This will plough almost £19bn a year back into the economy.

    That’s £19bn for businesses to reinvest, create jobs, raise wages, or pay the dividends that support our pensions.

    I’ve already taken steps elsewhere in this statement to support financial services, so the Bank Surcharge will remain at 8%.

    But, Mr Speaker, we will do more to encourage private investment.

    The Annual Investment Allowance, which gives 100% tax relief on investments in plant and machinery, will not fall to £200,000 as planned…

    It will remain at £1m.

    And it will do so permanently.

    Our duty is to make the UK one of the most competitive economies in the world – and we are delivering.

    And Mr Speaker,

    We want this country to be an entrepreneurial, share-owning democracy.

    The Enterprise Investment Scheme. The Venture Capital Trusts. We will extend them beyond 2025.

    The Seed Enterprise Investment Scheme. Company Share Option Plans. We will increase the limits to make them more generous.

    Crucial steps on the road to making this a nation of entrepreneurs.

    Mr Speaker,

    For the tax system to favour growth, it needs to be much simpler.

    I’m hugely grateful to the Office of Tax Simplification for everything they have achieved since 2010.

    But instead of a single arms-length body which is separate from the Treasury and HMRC, we need to embed tax simplification into the heart of Government.

    That is why I have decided to wind down the Office of Tax Simplification, and mandated every one of my tax officials to focus on simplifying our tax code.

    To achieve a simpler system, I will start by removing unnecessary costs for business.

    Firstly, we will automatically sunset EU regulations by December 2023, requiring departments to review, replace or repeal retained EU law.

    This will reduce burdens on business, improve growth, and restore the primacy of UK legislation.

    Mr Speaker, we can also simplify the IR35 rules – and we will.

    In practice, reforms to off-payroll working have added unnecessary complexity and cost for many businesses.

    So, as promised by My RHF the Prime Minister, we will repeal the 2017 and 2021 reforms.

    Of course, we will continue to keep compliance closely under review.

    Mr Speaker,

    Britain welcomes millions of tourists every year, and I want our high streets and airports, our ports and our shopping centres, to feel the economic benefit.

    So we have decided to introduce VAT-free shopping for overseas visitors.

    We will replace the old paper-based system with a modern, digital one.

    And this will be in place as soon as possible.

    This is a priority for our great British retailers – so it is our priority, too.

    Our drive to modernise also extends to alcohol duties.

    I have listened to industry concerns about the ongoing reforms.

    I will therefore introduce an 18-month transitional measure for wine duty.

    I will also extend draught relief to cover smaller kegs of 20 litres and above, to help smaller breweries.

    And, at this difficult time, we are not going to let alcohol duty rates rise in line with RPI.

    So I can announce that the planned increases in the duty rates for beer, for cider, for wine, and for spirits will all be cancelled.

    Now, Mr Speaker, we come to the question of personal taxation.

    It is an important principle that people should keep more of the money they earn. And it is good policy to boost the incentives for work and enterprise.

    Yesterday, we introduced a Bill that means the Health and Social Care Levy will not begin next year… it will be cancelled.

    The increase in Employer National Insurance Contributions and dividends tax… will be cancelled.

    And the interim increase in the National Insurance rate, brought in for this tax year…will be cancelled.

    And this cut will take effect from the earliest possible moment, November 6th.

    Reversing the Levy delivers a tax cut for 28 million people, worth, on average, £330 every year;

    A tax cut for nearly a million businesses;

    And I can confirm: the additional funding for the NHS and social care services will be maintained at the same level.

    Mr Speaker,

    I have another measure.

    Today’s statement is about growth.

    Home ownership is the most common route for people to own an asset, giving them a stake in the success of our economy and society.

    So to support growth, increase confidence, and help families aspiring to own their own home, I can announce that we are cutting stamp duty.

    In the current system, there is no stamp duty to pay on the first £125,000 of a property’s value.

    We are doubling that – to £250,000.

    First time buyers currently pay no stamp duty on the first £300,000.

    We’re increasing that threshold as well, to £425,000.

    And we’re going to increase the value of the property on which first time buyers can claim relief, from £500,000 to £625,000.

    The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether.

    This is a permanent cut to stamp duty, effective from today.

    And Mr Speaker,

    I have another measure.

    High tax rates damage Britain’s competitiveness.

    They reduce the incentive to work, invest, and start a business.

    And the higher the tax, the more ways people seek to avoid them, or work elsewhere or simply work less…

    …rather than putting their time and effort to more creative and productive ends.

    Take the additional rate of income tax.

    At 45%, it is currently higher than the headline top rate in G7 countries like the US and Italy.

    And it is higher even than social democracies like Norway.

    But I’m not going to cut the additional rate of tax today, Mr Speaker.

    I’m going to abolish it altogether.

    From April 2023, we will have a single higher rate of income tax of 40 per cent.

    This will simplify the tax system and make Britain more competitive.

    It will reward enterprise and work.

    It will incentivise growth.

    It will benefit the whole economy and whole country.

    And, Mr Speaker, after all, this only returns us to the same top rate we had for 20 years.

    And that’s not all.

    I can announce today that we will cut the basic rate of income tax to 19p in April 2023 – one year early.

    That means a tax cut for over 31 million people in just a few months’ time.

    This means we will have one of the most competitive and pro-growth income tax systems in the world.

    Mr Speaker,

    For too long in this country, we have indulged in a fight over redistribution.

    Now, we need to focus on growth, not just how we tax and spend.

    We won’t apologise for managing the economy in a way that increases prosperity and living standards.

    Our entire focus is on making Britain more globally competitive – not losing out to our competitors abroad.

    The Prime Minister promised that this would be a tax-cutting government.

    Today, we have cut stamp duty.

    We have allowed businesses to keep more of their own money to invest, to innovate, and to grow.

    We have cut income tax and national insurance for millions of workers.

    And we are securing our place in a fiercely competitive global economy…

    …with lower rates of corporation tax…

    …and lower rates of personal tax.

    We promised to prioritise growth.

    We promised a new approach for a new era.

    We promised, Mr Speaker, to release the enormous potential of this country.

    Our Growth Plan has delivered all those promises and more.

    And I commend it to the House.

  • Liz Truss – 2022 Keynote Speech on Supporting Businesses

    Liz Truss – 2022 Keynote Speech on Supporting Businesses

    The speech made by Liz Truss, the Prime Minister, in New York on 21 September 2022.

    We have been through a very difficult fortnight in the UK, Her Majesty The Queen was much loved and there’s been a huge outpouring of grief, both in the United Kingdom and around the world. To many of us she represented not just modern Britain but the modern world, taking over just after the Second World War and serving with distinction for 70 years – almost as long as the UN has been running.

    We now enter a new era. What has been very heart warming is the way people have opened their arms to our new King, King Charles III. I’ve been doing sessions around the UK – in Belfast, Edinburgh and Cardiff. The streets are lined welcoming the new King and the UK is moving into a new era.

    I thought it was very important that I came to the UN General Assembly this year, because we are facing such a difficult international situation, with the war in Ukraine started by Vladimir Putin. We’ve heard more sabre rattling from him this morning. But also we need to get the global economy back on its feet after Covid, and really ensure democracy prevails.

    To me, at the heart of that is making sure that we have a stable economy as we come out of this very difficult period. And to me, as Prime Minister, I want to make sure that we have a strong economy, a growing economy, a dynamic economy, that we are a country that is pro-business, pro attracting investment into our economy and also focused on long term economic security.

    I think one of the things we’ve learned from the past few months is that when countries are dependent on authoritarian regimes, that can be used as a weapon against them. That is a position we should never find ourselves in again. That is why having a strong economy is so vital for the future of the United Kingdom.

    This week the Chancellor will be doing his fiscal statement. I can’t pre-empt what he’s going to say, but what I can say – and I outlined this during the leadership campaign – is that we want lower, simpler taxes in the UK to incentivise investment, to get more businesses going in the UK. But also to encourage more people to go into work. We do, following Covid, have a significant number of people that are economically inactive. We want to encourage more of them to go into work with a tight labour market, get the right skills, as well as being a country that attracts economic investment. So we won’t be raising corporation tax, as was planned. We’ll be reversing the National Insurance rises which took place earlier this year. And the Chancellor will be announcing various other simplification measures.

    While this is just the start, our long-term plan is to simplify Britain’s taxes and to make us a better place to invest and be unashamedly pro-business. And that’s every kind of business – whether it’s life sciences, whether it’s technology, whether it’s financial services. We want the City to be the most competitive place for financial services in the world, and we see that as a key part of the levelling up agenda, because when we unblock capital, that capital will be used across the UK to make every industry become more productive and competitive.

    So alongside the tax statement that the Chancellor will lay out, he’ll also lay out a series of supply side reforms to make our economy more productive over the long-term, in areas like financial services. Dealing with Solvency II, dealing with MiFID, in areas like infrastructure – getting roads built, getting broadband built, getting mobile phone masts built so you can get reception right across Britain. Reforming regulations so that when business set up they’re not hit by mountains of red tape, they’re able to get on to growing the country. We’re also going to be introducing low tax investment zones across the country, in parts that are left behind. It’s going to be easier to get things done in those zones. The Chancellor will be making that announcement on Friday.

    Today we’ve followed up on our energy package which we announced a few weeks ago. What we’re doing with our energy package is making sure households are able to get through this winter and next winter without facing gigantic bills, with an energy price guarantee. What the government is essentially doing is making sure the wholesale price of energy is passed through to the consumer and making sure that those bills are not more than £2,500.

    We’ve also got a business scheme which is going to last for six months to help businesses get through. And the reason we felt it was right to intervene in this way is because we are dealing with a long-term failure of energy policy – we should have made sure Britain was not subject to the global energy price and the various fluctuations. We didn’t do that, we didn’t build enough nuclear power stations 20 years ago.

    There’s a Chinese proverb which says the best time to plant a tree is 25 years ago, but the second best time is today. So at the same time as the short term intervention – and this short term intervention is projected to reduce inflation by up to five percent, as well as increase economic growth by up to one percent – as well as that short term intervention we’re now working on entering long-term energy supply contracts with friendly countries, including with the United States. As well as exploiting more of our North Sea gas reserves, getting on with the need to build nuclear power stations, getting on with offshore wind, so that by 2040 the UK will be a net energy exporter. We will never be in this situation again.

    I finally wanted to say, on the subject of investment and trade, I’m proud that when I was Trade Secretary we set up the Office for Investment. I think it has done a good job, we want to turbocharge its work and make sure we are providing investors into the UK the best possible service, cracking through any obstacles that might be in the way of successful investment projects. We’re also planning another investment summit next October, and I think I met many of you at the last investment summit.

    And finally on trade, we’re not currently negotiating a trade deal with the US – the US isn’t negotiating a trade deal with anyone at the moment – but we are open to negotiating a trade deal when the administration decide that’s what they want to do. However we’re also in negotiations with India on a trade deal which we expect to complete this year, which brings huge opportunity in areas like technology, areas like manufactured goods. We’re also planning to accede to the Trans-Pacific Partnership which will give the UK much more access to Pacific markets as well.

  • Kwasi Kwarteng – 2022 Comments on Becoming Chancellor

    Kwasi Kwarteng – 2022 Comments on Becoming Chancellor

    The comments made by Kwasi Kwarteng, the Chancellor of the Exchequer, on 7 September 2022.

    We face extraordinary economic challenges in the coming weeks and months and I know that families and businesses across the UK are worried.

    The Prime Minister and I are committed to taking decisive action to help the British people now, while pursuing an unashamedly pro-growth agenda.

    We need to be decisive and do things differently. That means relentlessly focusing on how we unlock business investment and grow the size of the British economy, rather than how we redistribute what’s left.

    With a strong and resilient economy, we deliver more jobs, higher wages, and raised living standards – all while reducing our debt-to-GDP ratio in a fiscally sustainable way.