Brexit 'gloom' blasted by Jeremy Hunt as he outlines FOUR pillars to get economy thriving

Brexit 'gloom' blasted by Jeremy Hunt as he outlines FOUR pillars to get economy thriving
Simon Walker / No10 Downing Street
Georgina Cutler

By Georgina Cutler


Published: 27/01/2023

- 09:45

Updated: 27/01/2023

- 11:21

The Chancellor has set out his plan to boost growth amid Government pressure to cut taxes

Jeremy Hunt said Britain must take advantage of its Brexit "freedoms" to boost prosperity as he dismissed claims of economic "gloom".

Speaking at Bloomberg’s European headquarters in London, the Chancellor said that the Government offers a plan for “long term prosperity based on British genius and British hard work”.


Hunt said that the public sector has rebounded more slowly from the pandemic than he wanted, but hit out at “declinism”.

27/01/2023. London, United Kingdom. The Chancellor of the Exchequer Jeremy Hunt hosts a Treasury Connect at Bloomberg HQ in London and is joined by Secretary of State for Business, Energy and Industrial Strategy Grant Shapps and Secretary of State for Digital, Culture, Media and Sport Michelle Donelan. Picture by Simon Walker / No 10 Downing Street
After formally leaving the EU three years ago, Hunt also made a 'the case for optimism'
Simon Walker / No10 Downing Street

During the keynote speech on Friday, the Tory minister explained that the pillars will be used as a “framework” to assess individual policies, that were “essential for any modern, innovation-led economy”.

The four pillars, all beginning with the letter “E”, are: enterprise, education, employment and everywhere.

He said: “It is a plan necessitated, energised and made possible by Brexit which will succeed if it becomes a catalyst for the bold choices we need to take.

“Our plan for growth is a plan built on the freedoms which Brexit provides. It is a plan to raise productivity.

“It is a plan to use the proceeds of growth to support our public services at home, to support businesses in the new low-carbon economy and to support democracy abroad.

“It is the right course for our country and the role in the world to which we aspire.”

After formally leaving the EU three years ago, Hunt also made a “the case for optimism”, blaming EU red tape for obstructing British investment.

The Chancellor has faced growing pressure to cut taxes but said 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.

He added that he wanted Brexit to become a “catalyst” for economic growth in order to reduce the “weaknesses” in the UK economy.

Hunt said: "We want to be one of the most prosperous countries in Europe. Today I want to set out our plan to address those issues.

“That plan, our plan for growth is necessitated, energised and made possible by Brexit. The desire to move to a high-wage, high-skill economy is one shared on all sides of that debate.

27/01/2023. London, United Kingdom. The Chancellor of the Exchequer Jeremy Hunt hosts a Treasury Connect at Bloomberg HQ in London and is joined by Secretary of State for Business, Energy and Industrial Strategy Grant Shapps and Secretary of State for Digital, Culture, Media and Sport Michelle Donelan. Picture by Simon Walker / No 10 Downing Street
Jeremy Hunt has outlined four pillars: enterprise, education, employment and everywhere
Simon Walker / No10 Downing Street

“We need to make Brexit a catalyst for the bold choices that will take advantage of the nimbleness and flexibilities that it makes possible.”

Responding to Hunt's speech Liberal Democrat Treasury Spokesperson Sarah Olney MP said his plans are a "cold comfort" for families and pensioners across Britain,.

She said: "This Conservative party sounds like an unfaithful partner asking for yet another chance - but after crashing the economy and sending mortgages sky-high - why should we trust them again?

"Jeremy Hunt's speech is cold comfort for families and pensioners facing unbearable price rises.

"This Government's economic record is nothing less than a shambles and the British public will see right through this desperate attempt by yet another Conservative Chancellor to rewrite history."

While Shadow Chancellor of the Exchequer and Labour MP Rachel Reeves added: "Britain has so much potential.

"Labour’s plan for growth will help grasp the opportunities, and make our economy stronger to face up to challenges. 13 years of Tory failure have left us with low living standards, low growth, and higher mortgages and bills."

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