Britain must take advantage of its Brexit “freedoms” to boost prosperity and counter incorrect claims of economic “gloom”, Jeremy Hunt will say today.
The Chancellor will deliver a major speech later this morning as he sets the scene for the Budget in March.
Speaking at Bloomberg’s European headquarters in London just after 9am, Mr Hunt is expected to say that the UK “should not shy away from the biggest challenge we face which is our poor productivity”.
He will say: “Our plan for long term prosperity tackles that challenge head on. It is a plan necessitated, energised and made possible by Brexit which will succeed if it becomes a catalyst for the bold choices we need to take.
“Our plan for growth is a plan built on the freedoms which Brexit provides. It is a plan to raise productivity.”
Mr Hunt is expected to say that post-Brexit reforms will be implemented in the coming months which will unlock £100 billion of private investment in the UK this decade.
The Chancellor will say “declinism about Britain was wrong in the past – and it is wrong today” and claims of economic “gloom” are based on “statistics that do not reflect the whole picture”.
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07:42 AM
Chancellor to caution against ‘declinism’ and economic ‘gloom’
Jeremy Hunt will use his speech this morning to caution against “declinism” and claims of economic “gloom”. The Chancellor will argue that since 2010 the UK has actually grown faster than some of its main international rivals.
He is expected to say: “Declinism about Britain was wrong in the past – and it is wrong today. Some of the gloom is based on statistics that do not reflect the whole picture.
“Like every G7 country, our growth was slower in the years after the financial crisis than the years before it. But since 2010, the UK has grown faster than France, Japan and Italy. Since the Brexit referendum, we have grown at about the same rate as Germany.
“If we look further ahead, the case for declinism becomes weaker still. The UK is poised to play a leading role in Europe and across the world in the growth sectors which will define this century.”
07:39 AM
Jeremy Hunt to vow to utilise Brexit ‘freedoms’ to boost UK prosperity in major speech
Jeremy Hunt will deliver a major speech on the economy this morning as he vows to take advantage of the UK’s Brexit “freedoms” to boost prosperity and productivity.
The Chancellor is due to deliver a keynote address at Bloomberg’s European headquarters in London just after 9am as he sets the scene for the Budget in March.
Mr Hunt is expected to say that post-Brexit reforms which will be implemented in the coming months will unlock £100 billion of private investment in the UK this decade.
He is expected to say: “Confidence in the future starts with honesty about the present, and we should not shy away from the biggest challenge we face which is our poor productivity. Our plan for long term prosperity tackles that challenge head on.
“It is a plan necessitated, energised and made possible by Brexit which will succeed if it becomes a catalyst for the bold choices we need to take.
“Our plan for growth is a plan built on the freedoms which Brexit provides. It is a plan to raise productivity. It is a plan to use the proceeds of growth to support our public services at home, to support businesses in the new low carbon economy and to support democracy abroad. It is the right course for our country and the role in the world to which we aspire.”