Rishi Sunak vows to fill financial black hole – but he won’t cut taxes for now

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Rishi Sunak cut the country’s credit card yesterday – as he insisted the reduction in taxes now would be “immoral”.

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In his first conference speech, he told Tory loyalists he would “do whatever it takes” to fix the pandemic black hole in public finances.

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Rishi Sunak vows to fill the economic black hole left by the pandemiccredit: Reuters
The chancellor outlines his plans in his first conference speech

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The chancellor outlines his plans in his first conference speechcredits: PA

But the chancellor warned that borrowing more to spend or cut taxes is not only “financially irresponsible – it is unethical”.

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While he attacked Labor directly, some saw his comments as a coded message to boss Boris Johnson that the Treasury would not fund any major splurges without more money.

But at a rally for true blue activists, Mr Sunak vowed to start cutting levies as soon as the economy is on track to recover.

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He told a packed room of rank-and-file members at the Manchester conference: “I want to cut taxes, but to do so our public finances must be put back to a sustainable level.”

And he hit back at allegations that ministers had eschewed conservative principles by raising taxes to fund heavy spending on the NHS and furloughs.

sky high date

Targeting Labour, 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.”

Bringing down the House with a steadfast commitment to traditional Tory values, Mr Sunak said: “I believe in fiscal responsibility. Borrowing only more money and piling up bills to pay for future generations is not only financially irresponsible – it’s unethical.

“Because it’s not state money – it’s your money.”

Determining the scale of the nation’s financial crisis, the chancellor reminded Britons that the national debt was skyrocketing.

“Our recovery comes with a cost,” he said. “Our national debt is almost 100 per cent of GDP. That’s why we need to fix our public finances.”

Borrowing only more money and piling up bills to pay for future generations is not only financially irresponsible – it’s unethical.

Rishi Sunak

But offering a vision of hope, he praised Brexit and said he was “proud” to be the champion of the holiday.

He continued: “And this is because, despite the challenges in the long term, I believed that the agility, flexibility and freedom provided by Brexit was more important in the global economy of the 21st century than the proximity to the market.” would be valuable.”

Mr Sunak, who loves Instagram, also suggested that Brexit Britain could learn lessons from Silicon Valley tech experts, saying: “The years I spent in California left an indelible mark on me: in finance and technology Working with some of the most innovative and exciting people.

“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 not afraid to challenge itself, rewarded hard work and was open to all who had the talent to achieve.”

But he acknowledged: “Right now, we are facing challenges to supply chains not only here but around the world and we are determined to tackle them.”

Mr Sunak said that “tackling the cost of living is not just a political sound one, it is one of the central missions of this conservative government”.

Later, Transportation Secretary Grant Shapps spoke about the shortage of HGV drivers and said there has been a huge increase in people trying to learn to drive a lorry.

He said: “The salary has gone up. I think it’s a really good thing. Now there are good paying jobs available, it means more people are coming in this field.

“And I am happy to report that there has been a 300 percent increase in the number of people applying for provisional licenses.” He also said that applications for provisional license are now being processed in five days.

  • Home Secretary Priti Patel’s popularity among the Conservatives has fallen off a cliff, a shocking poll of party loyalists show. A string of police scandals, including the small boats crisis in the channel and the Sarah Everard murder, have seen its ratings plummet.

conference highlights

Today’s thought

Labor firebrand Andy Burnham – the mayor of Greater Manchester and the so-called King of the North – said: “In the North, the car is king, not me, because we are so dependent on the car.”

joke of the Day

Michael Gove, who was recently filmed dancing in Aberdeen, said: “It reminds me of my last night on the town. Dance like no one is watching, they say. Well I did. But they see.” were.”

hero of the day

Education Secretary Nadim Zahavi described how he went from an Iraqi refugee to Britain at the age of 11 without a word of English, to gain a seat in cabinet thanks to the dedication of his teachers.

villain of the day

Midland Hotel Bar for not having enough staff. Thirsty politicians and journalists stood in a queue for 45 minutes to quench their thirst with a glass of water.

Mr Sunak said he would not depend on 'reckless borrowings and mounting debt'

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Mr Sunak said he would not depend on ‘reckless borrowings and mounting debt’credit: getty

Susannah Reid gets into a heated row with Chancellor Rishi Sunak as he talks to her and slams her ‘long’ question

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