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Rishi Sunak has called on businesses to “invest, train and innovate” more to help boost domestic prosperity as he called the supply shocks in Britain a “perfect storm”.
Warning that the “next few months will be tough”, Mr Sunak in a speech to the Confederation of British Industry (CBI) on Wednesday, said he stood ready to do more to help families cope with the impact of inflation.
Speaking at the annual dinner of the business organisation, he said: “We are on your side and will help them increase productivity and enterprise by cutting tax.”
“In the autumn Budget we will cut your taxes to encourage you to do all those thing,” he said. “That is the path to higher productivity, higher living standards, and a more prosperous and secure future.”
Informing about the government’s plans aimed at tackling the cost of living crisis, Mr Sunak said “we have provided £22bn of direct support, and we are going further. In October, we’re cutting energy bills by a further £200.
“In just a few weeks’ time, the national insurance threshold will increase to £12,500.”
‘Police should use discretion if cost-of-living crisis fuels rise in crime’
The cost-of-living crisis will “invariably” fuel a rise in crime and police should use “discretion” when deciding whether to prosecute people desperate to eat, the new HM chief inspector of constabulary has said.
As inflation hit a 40-year high on Wednesday, which experts warned was unevenly impacting poorer households, Andy Cooke said that he expected a corresponding rise in petty crime will “be a challenge for policing to deal with”.
My colleague Andy Gregory reports:
Rising prices will ‘be challenge for policing to deal with’, Andy Cooke warns
Sunak calls on businesses to ‘invest and innovate’ amid ‘perfect storm’
The Chancellor has called on businesses to “invest, train and innovate” more to help boost the productivity in UK as he reaffirmed his earlier stance of helping families cope with the impact of rising inflation.
However, Rishi Sunak also warned of a “perfect storm” of supply shocks rocking Britain as he cautioned that “the next few months will be tough”.
Speaking at the annual dinner of the business organisation, the Chancellor told businesses “we are on your side” and called on them to help increase productivity and enterprise, adding: “We need you to invest more, train more, and innovate more.”
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The Chancellor spoke of a ‘perfect storm’ of supply shocks rocking Britain, warning that ‘the next few months will be tough’.
Welcome to The Independent’s live blog for Thursday, 19 May 2022, where we provide the latest updates on UK politics.