I will pave the way for economic growth with an emergency budget
We have a choice of the type of economy – and therefore of country – that we want to be. I will not accept a sluggish economic consensus that wraps Britain in onerous regulation and nanny statism and stifles the private sector. Britain has always been at its best as a free-trade, free-market, business-loving and wealth-creating nation.
Despite the harsh assessment of the Bank of England this week, I do not believe that we should abandon our great country to a controlled decline or accept the inevitability of a recession. The challenges we face are the consequence of the long tail of Covid, Putin’s terrible war and the persistence of a tired economic orthodoxy.
We cannot turn the tide with an abacus economy, unduly emphasizing taxes and spending rather than growth.
That’s why I will be presenting a bold new plan to kick-start growth, deliver the supply-side reforms we need, and put our economy on a foundation for higher growth.
I would get on track by presenting an emergency budget, charting a firm course to grow our economy to help fund our public services and the NHS. I would use this to immediately tackle the cost of living crisis by cutting taxes, reversing the National Insurance hike and suspending the green tax on energy bills.
We would be able to put more money back in workers’ pockets without delay. It is necessary, affordable and the right thing to do at a time when we are facing the highest tax burden in 70 years.
I will also announce a spending review to find more efficiency in government spending. I kept tight control over the nation’s finances as Chief Secretary and would do so with even greater vigor as First Lord of the Treasury.
I want Britain to be a high growth, high productivity country. Our departure from the European Union gives us the chance to rebuild our economy and transform ourselves into a modern powerhouse full of ideas and innovation.
I am determined to seize this opportunity.
I led the way by closing dozens of post-Brexit trade deals around the world and grabbing the Northern Ireland Protocol. I will go the extra mile to make the most of our newly won freedoms outside the EU by setting a ‘twilight’ deadline for each piece of EU secondary legislation and testing whether it supports economic growth by the end of 2023.
Under my leadership, we want to send the message loud and clear that Britain is open for business. We will work with local communities to create new low-tax, low-regulation investment zones where they are needed most.
These areas will be key to leveling the land in a conservative way, speeding up development by ensuring, through easier planning rules, that we can get spikes in the ground faster. They will create jobs in the industries of the future, transforming areas in the same way as London’s Docklands.
I will be a pro-business, pro-growth and pro-investment Prime Minister on a scale not seen in decades, working closely with businesses across the country, the City of London and fantastic Tube Mayors like Andy Street in the West Midlands.
I will push through reforms to rules such as Mfid and Solvency II to boost the city’s potential and unlock tens of billions of pounds of investment for our economy.
My growth plan is clear, credible and overall conservative. I will assemble a strong team of ministers to ensure that every department in Whitehall contributes to its achievement.
At the same time, we must ensure that financial regulators play their part in ensuring that our economy is competitive and growth-friendly. We will work with industry leaders to advance regulations that work for UK businesses and consumers.
The surge in inflation was caused by a global supply shock, but it was exacerbated by monetary policy. The Bank of England’s mandate was last defined in 1997 under Gordon Brown in very different economic circumstances.
I fully support his independence, but his tenure cannot be bound by the same Brownian consensus twenty-five years later.
That’s why I want to see around the world what the most successful central banks are doing to control inflation and how we can ensure that our Bank delivers what we need.
In these turbulent times, we must come together to see our economy and our country for better days. I am ready to work night and day to fight inflation, restore growth and deliver on our promises to the British people, including the readers of the Sunday Telegraph.
We cannot afford to maintain the status quo while our economy is on the brink of recession. I am the only candidate who can be trusted to forge a bold new direction. I will do whatever it takes to pave the way for a better and more prosperous future.