Rishi Sunak today vowed to fix the black hole in the nation’s treasury without “immoral” borrowings so that he can cut taxes.
In his first conference speech, the chancellor forced Brits to tighten their belts as he aimed to get the country’s bank balance out of the red.
Dish Sage served some red meat to Tory faithful gathered in Manchester after Boris Johnson announced a controversial national insurance hike.
He told a packed room of rank-and-file members: “I want to cut taxes – but to do so our public finances must be put back at a sustainable level.”
The big beast of the cabinet hit back at allegations that ministers had abandoned conservative principles by raising taxes to fuel heavy spending.
Targeting Labor, he said: “While I know tax hikes are unpopular – some would even say non-conservative – I will tell you what non-conservative is: unrestricted pledges, reckless lending and rising debt.”
In his key personal speech:
- Mr Sunak said he was “proud to support Brexit” and that the 2016 vote was about optimism
- Chancellor says Britons can learn lessons from Silicon Valley techies
- He said the government was “firm” to deal with the supply crisis.
- He joked that people at the convention told him “you are younger in real life”.
No ‘immoral’ borrowings
The spending regime breaks down on massive 18-month pandemic packages such as furloughs that blew a hole in the country’s coffers.
Bringing down the House with a steadfast commitment to traditional Tory values, Mr Sunak said: “I believe in fiscal responsibility.
“Simply borrowing more money and piling up bills for future generations to pay is not only financially irresponsible – it’s unethical.”
“Because it’s not state money – it’s your money.”
Determining the scale of the country’s financial crisis, Mr. Sunak reminded Britons that the national debt was skyrocketing.
The Instagram-loving chancellor also said Britain could learn a lesson from Silicon Valley tech experts.
He said: “The years I spent in California left a lasting impression on me: working with some of the most innovative and exciting people in finance and technology.
“Seeing ideas become a reality, watching entrepreneurs build new teams.
“It’s not just about the money. I saw a culture, a mindset that was afraid to challenge itself, rewarded hard work and was open to all who had the talent to achieve.”