海角视频

Chancellor Jeremy Hunt has set out his long-term vision for the 海角视频 economy.

The speech at Bloomberg's London offices set out how the country must tackle "declinism" arguing that the 海角视频 can become more like Silicon Valley.

The speech comes amid turbulent time for the Tory party. He refused to answer questions on his own tax affairs, saying that he didn't think the public was 'remotely intrested' in personal tax affairs afer it emerged that his Cabinet colleague Nadhim Zahawi is being investigated for paying a tax penalty while chancellor.

The speech also comes amid criticism from industry, with new figures showing the number of cars made in the 海角视频 had sunk to its lowest level for 66 years.

Inflation also remains at a 40-year high, leaving many struggling with the increased cost-of-living.

Here the key points from Jeremy Hunt's speech.

Mini Canary Wharfs

The 海角视频 Government will invest in 鈥渕ini-Canary Wharfs鈥� across the country to help reverse the economic migration from other parts of the country to the South East of England, the Chancellor said.

He said it was 鈥渆conomically damaging鈥� that the country鈥檚 second cities were not the 鈥渆conomic powerhouses鈥� that they are in other countries, arguing 海角视频 GDP could be 5% higher if they were producing more growth.

He said there would be an announcement on investment zones, termed 'mini-Canary Wharfs', supporting each growth industry, focused in high-potential but underperforming areas.

He said: 鈥淭hey will be focused on our research strengths, executed in partnership with local government, with advantageous fiscal treatment to attract new investment.

鈥淎nd we鈥檒l shortly start a process to identify exactly where they will go.鈥�

Brexit and business reform

Brexit has provided an opportunity for the 海角视频 to change its regulations so that innovative companies can more easily access cash, said the Chancellor.

He argued that 鈥淏ritain needs a more positive attitude to risk-taking鈥�, as it is 鈥渢oo cautious compared to our US friends.鈥�

Brexit gives an opportunity to change regulations and work with independent regulators.

He referred to the Government鈥檚 Edinburgh Reforms package which 鈥渃ould unlock more than 拢100 billion of additional investment into the 海角视频鈥檚 most productive growth industries鈥�, Mr Hunt reiterated.

Get back to work

He told people who left work during the pandemic and have not returned that 鈥淏ritain needs you鈥�.

He said that one fifth of working age adults are economically inactive and around five million people do not want to work.

鈥淚t鈥檚 time for a fundamental programme of reforms to support people with long-term conditions or mental illness to overcome the barriers and prejudices that prevent them from working.

鈥淲e will never harness the full potential of our country unless we unlock it for each and every one of our citizens.鈥�

Four Es

Outlining his plan for growth, Jeremy Hunt said it would be based on what he called his 鈥渇our pillars鈥�.

The four pillars, all beginning with the letter 鈥淓鈥� are: enterprise, education, employment and everywhere.

Everywhere perhaps, except Euston. There have been reports this morning the the HS2 rail link may terminate in the London suburbs instead of at a central station, as originally planned.

Taxes

He claimed taxes must be lowered to attract investment and pledged to put 鈥渞estraint on spending鈥�.

He said the 鈥渂est tax cut right now is a cut in inflation鈥�, arguing that reducing inflation was the 鈥渙nly sustainable way to restore industrial harmony鈥� in Britain.

鈥淢y party understands better than others the importance of low taxes in creating incentives and fostering the animal spirits that spur economic growth.

鈥淎nother Conservative insight is that risk-taking by individuals and businesses can only happen when governments provide economic and financial stability.

鈥淪o the best tax cut right now is a cut in inflation.

鈥淎nd the plan I set out in the autumn statement tackles that root cause of instability in the British economy.

鈥淭he Prime Minister talked about halving inflation as one of his five key priorities and doing so is the only sustainable way to restore industrial harmony.鈥�

Green Growth

Jeremy Hunt has said that the 海角视频 is a world leader when it comes to green energy and innovation, which he stressed was vital to economic growth.

He also shone a light on the nation鈥檚 creative industries, tech and fintech companies which he said were 鈥渧ital for Britain鈥檚 economic future鈥�.

鈥淚 want to ask you to help turn the 海角视频 into the world鈥檚 next Silicon Valley鈥�, he said to the audience.