Autumn statement: ‘Everything is on the table’, says chancellor
Well, the recent news confirms that there has been a tragic loss of life on both the Palestinian and Israeli sides. However, we must remember that this conflict started with horrific murders on October 7th. If Hamas is hiding in hospitals, then Israel has to take action. Let’s hope that the situation resolves itself quickly.
Moving on to the politics of the past fortnight, the outgoing Home Secretary and incoming Foreign Secretary have been dominating the scene. While their presence will be missed in the cabinet meetings, we have a team of people who will get the job done. Despite the ups and downs in Westminster, what really matters to voters is whether their problems are being solved. The cost of living remains a major concern for them.
Speaking of voter concerns, the Prime Minister has made a big deal about the Renda plan. The Supreme Court ruled the current version unlawful, and the Prime Minister has pledged to change the law. As Members of Parliament, it is our democratic right to change the law if needed. We believe the current system is unfair to both the British people and those being smuggled by criminal gangs. Emergency legislation and a new treaty with Rwanda are on the horizon to address these issues lawfully.
Now, let’s discuss the economy and the cost of living. While there are short-term challenges, we have made significant progress in tackling high inflation. When Rishy Sunak and I took office, inflation was over 11%. We have turned a corner by reducing inflation, which is essential for sustainable growth. Difficult decisions were made a year ago to control borrowing, and now we are seeing the positive effects. The Bank of England has also played a role in reducing inflation through interest rate adjustments.
It is important to note that we have not just grown faster than Germany, France, and Japan since 2010, but according to the IMF, we will continue to outpace these countries when we reach our inflation target of 2% in 2025. The British economy has tremendous strengths, and we should be proud of what we have achieved.
Regarding fiscal policy, lower taxes are essential for a high-growth economy, and there is a clear divide between the Conservative Party and the Labour Party on this issue. We want to bring down taxes responsibly, without fueling inflation. In the upcoming autumn statement, we will focus on promoting growth and seizing opportunities, such as the thriving technology industry in the UK.