We have a choice about the kind of economy – and therefore the country – we want to be. I will not accept a flimsy economic consensus that wraps Britain in heavy regulation and babysitting statism and suffocates the private sector. Britain has always been at its best as a free trade, free market, entrepreneurial and wealth-creating country.
Despite the Bank of England’s grim assessment this week, I don’t believe in sacking our great country to contain the decline or accept the inevitability of a recession. The challenges we face are a result of Covid’s long tail, Putin’s terrible war and persistence in a weary economic orthodoxy.
We cannot turn things around with the abacus economy by putting an unnecessary focus on taxes and spending rather than growth.
So I’ll be introducing a bold new plan to kick-start growth, deliver the supply-side reforms we need, and put our economy on a stronger growth footing.
I would get started by bringing in an emergency budget, charting a firm course to grow our economy to help fund our public services and NHS. I would use this to immediately address the cost of living crisis by cutting taxes, reversing the rise in national insurance and suspending the green tax on energy bills.
We could put more money in the pockets of hard-working people as soon as possible. This is necessary, affordable and the right choice at a time when we are dealing with the highest tax burden in 70 years.
I will also be announcing a spending review to find more efficiency in government spending. I kept a tight grip on the country’s finances as Chief Secretary and would do so with even greater vigor as First Lord of the Treasury.
I want Britain to be a fast-growing and productive country. Our departure from the European Union gives us the opportunity to reshape our economy and turn ourselves into a modern powerhouse full of ideas and innovation.
I am determined to seize this opportunity.
I have led the way in concluding dozens of post-Brexit trade deals around the world and seizing the Northern Ireland Protocol. I will continue to make the most of our newfound freedoms outside the EU by setting a “sunset” deadline for each piece of EU-derived legislation and testing by the end of 2023 whether it supports economic growth.
Under my leadership, we want to get the message out loud and clear that Britain is open for business. We will work with local communities to create new low-tax, low-regulation investment zones where they are needed most.
These zones will be critical to leveling the land in a conservative way, accelerating development by ensuring that simpler planning rules allow us to get the shovels in the ground faster. They will create jobs in the industries of the future and transform areas in a similar way to the London Docklands.
I will be a pro-business, pro-growth, pro-investment prime minister on a scale not seen in decades, working closely with businesses across the country, the City of London and fantastic metro mayors like Andy Street in the West Midland.
I will make reforms to regulations such as Mfid and Solvency II to enhance the city’s potential and unlock an estimated tens of billions of pounds of investment for our economy.
My growth plan is clear, credible and completely conservative. I will be bringing together a strong team of ministers to ensure that every department in Whitehall is helping to make it a reality.
At the same time, we must ensure that financial regulators play their part to ensure that our economy is competitive and pro-growth. We will work with industry leaders to advance regulation that works for UK businesses and consumers.
The inflation spike was caused by a global supply shock, but was exacerbated by monetary policy. The Bank of England’s mandate was last established in 1997 under Gordon Brown, under very different economic conditions.
I fully support her independence, but her mandate cannot be bound by the same Brownian consensus twenty-five years later.
So I want to look around the world at what the best performing central banks are doing to control inflation and how we can make sure our bank delivers what it needs to deliver.
In these turbulent times, we must unite to push our economy and our country into better days. I am ready to work day and night to tackle inflation, fuel growth and deliver on our promises to the British people, including the readers of the Sunday Telegraph.
We cannot afford to cling to the usual course of business when our economy is on the brink of recession. I am the only candidate who can be trusted to take a bold new direction. I will do whatever it takes to clear the way to a better and more prosperous future.