UK economic growth plan ‘made possible’ by Brexit, says Jeremy Hunt – POLITICO

LONDON — The UK’s new long-term economic plan is “necessary, energized and made possible” by post-Brexit freedoms, Chancellor Jeremy Hunt said on Friday.

Hunt said he dismissed “gloomy” over the UK’s economic outlook and said “Britain’s decline is just plain wrong” during a speech at Bloomberg headquarters in London.

The Chancellor also dismissed calls from some Tory MPs for tax cuts in the next budget, telling them ‘the best tax cut right now is a cut in inflation’.

Rishi Sunak’s government has been criticized by business groups, including the influential Confederation of British Industry (CBI), for having no clear strategy for developing Britain’s economy.

The prime minister’s first two months on the job have instead been consumed by fiscal consolidation after his predecessor Liz Truss’ short-lived tenure wreaked havoc on financial markets.

Britain’s 10.5% annual inflation rate is the second highest in the G7, and the Organization for Economic Co-operation and Development (OECD) forecasts UK GDP growth to be the second weakest in all G20 countries this year, with only Russia lagging behind. rear.

Hunt said on Friday that Britain’s future economic prosperity lay in growth industries such as fintech, medtech and green energy.

The Chancellor said the UK’s new regulatory freedoms would be the ‘catalyst’ of his plan and that he wanted to ‘take advantage of the agility and flexibility’ made possible by Brexit.

“The Solvency II reforms, which are only possible because of regulatory options not available within the EU, will potentially unlock £100 billion of investment in the industries represented by those in this room,” did he declare.

“At the end of the day, Brexit is a choice, it’s an opportunity and we can make it an incredible success, and I believe we will.”

In a detailed speech, Hunt said he would grow the economy by deviating from EU regulations, improving adult education and hiring economically inactive Britons.

Shadow Labor Chancellor Rachel Reeves said in response: ‘The Tories have no plans at the moment, and no plans for the future.