Jeremy Hunt gives a speech on plans for the UK economy
Jeremy Hunt has said the UKs economy has grown faster than France, Japan and Italy since 2010, an important boost for the country. The chancellor has set out his plans for the economy, adding that “the strongest cause for optimism” comes from our “long-term outlook.” Speaking in central London, he said: “As in every G7 country, our growth has been slower in the years since the financial crisis than before.
“But since 2010 the UK has grown faster than France, Japan and Italy. Not at the bottom, but in the middle of the pack.”
He added: “Since the Brexit referendum, we have grown at about the same rate as Germany.
“Yes, we have not returned to pre-pandemic employment or production levels, but an economy that contracted by 20 percent during a pandemic still has nearly its lowest level of employment in half a century.
“While our public sector has been slower than we would like to recover from the pandemic, strengthening the case for reform, our private sector has grown by seven and a half percent over the past year.”
Jeremy Hunt said the UK economy has grown faster than France, Japan and Italy since 2010 (Image: SKY NEWS)
Yes, inflation has risen, but still lower than 14 EU countries, with interest rates rising more slowly than in the US or Canada.
Last week, a survey of business leaders by PwC said the UK was third for CEOs expanding their businesses.
“The strongest reason for optimism comes not from debating this or that way of analyzing data, but from what we heard this morning – our long-term outlook.
“When it comes to the innovation industries that will shape and define this century, the UK is in a powerful position to play a leading role.”
In setting out his growth plan, the chancellor said it would be based on what he described as his “four pillars”.
The four pillars, all starting with the letter “E”, are: business, education, employment and everywhere.
Mr Hunt said he will use these pillars as a “framework” to assess individual policies, adding that they are “essential to any modern innovation-led economy”.
The chancellor wants too Brexit to become a “catalyst” for economic growth to mitigate the “weaknesses” in the British economy.
He said: “We want to be one of the most prosperous countries in Europe. Today I want to outline our plan to address those issues.
“That plan, our growth plan, is necessary, endorsed and made possible by Brexit. The desire to move to an economy with high wages and highly educated people is shared by all parties in that debate.
“We have to make Brexit a catalyst for the bold choices that will benefit from the agility and flexibility it enables.”
The chancellor also claimed Brexit has given the UK the ability to change its regulations to allow innovative companies easier access to funds.
Hunt said that “Britain needs a more positive attitude about risk-taking” because it is “too cautious compared to our American friends”.
He added: “Brexit is an opportunity not only to change the regulations, but also to work with our experienced, effective and independent regulators.
“To create an economic environment that is more innovation-friendly and more growth-oriented.”
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