Chancellor hits out at declinism as he unveils four pillars for growth

Proactive Investors - The chancellor, Jeremy Hunt, hit out at declinism as he unveiled four pillars that would form the basis of his plans for growth.

Speaking to business leaders at the Bloomberg UK headquarters in London, Hunt also declared he wants to make Britain the "next Silicon Valley".

His plan would be based on what he called his "four pillars" as a "framework" against which to assess individual policies.

The four pillars, all beginning with the letter "E" are: enterprise, education, employment and everywhere, he said, adding they were "essential for any modern, innovation-led economy".

Hunt insisted the "best tax cut right now is a cut in inflation", arguing that reducing inflation was the "only sustainable way to restore industrial harmony" in Britain.

“High taxes directly affect the incentives which determine decisions by entrepreneurs, investors or larger companies, about whether to pursue their ambitions in Britain.”

He added that the public sector has rebounded more slowly from the pandemic than he wanted, but hit out at "declinism".

“I say simply this, declinism about Britain is just wrong. It’s always been wrong in the past and it’s wrong today.”

He also argued that Brexit makes his plan for growth possible.

Hunt said the government’s plan for growth is “necessitated, energised and made possible” by Brexit, and that the UK needs to “make Brexit a catalyst for bold choices”.

Brexit allows us to “take advantage of the nimbleness and flexibility it makes possible”, he declared.

On employment, the UK will “never harness the full potential of our country unless we unlock it for each and every one of our citizens”, Hunt stated.

“Nor will we fix our productivity puzzle unless everyone who can participate does. So to those who retired early after the pandemic, or haven’t found the right role after furlough, I say – Britain needs you.”

He concluded by saying: "We must never forget the ingenuity and optimism that is our hallmark.

"Being a technology entrepreneur changed my life. Being a technology superpower can change our country’s destiny."

Read more on Proactive Investors UK

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