UK Chancellor of the Exchequer Kwarteng unveils measures to boost growth

UK Chancellor of the Exchequer Kwarteng unveils measures to boost growth

New UK Chancellor of the Exchequer Kwasi Kwarteng walks outside Number 10 Downing Street, in London, UK, on ​​September 6, 2022. REUTERS/Toby Melville

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LONDON, Sept. 23 (Reuters) – Britain’s Chancellor of the Exchequer Kwasi Kwarteng will present a mini-budget to Parliament on Friday aimed at cutting taxes and energy bills for households and businesses to try to boost economic growth.

ONE OF THE MOST IMPORTANT INTERVENTIONS

“People will have seen the horrors of (Russian President Vladimir) Putin’s illegal invasion of Ukraine. They will have heard reports that their already expensive energy bills could be as much as £6,500 ($7,253) next year. Mr Chairman, we were never “I’m going to make this happen. The Prime Minister has acted with great speed to announce one of the most important interventions the British state has ever made.”

NEW APPROACH FOR NEW ERA

“Growth is not as high as it should be … We need a new approach for a new era, focused on growth. Our goal is to achieve a trend growth of 2.5% in the medium term. And our plan is to expand the supply side of the economy through tax incentives and reforms.”

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BARRIERS TO ENTERPRISE

“There are too many barriers to doing business. We need a new approach to break them down. That means reforming the supply side of our economy… (Our plans) will cover: the planning system, corporate regulations, childcare , immigration, agricultural productivity and digital infrastructure.”

STRIKE FAILURE UNACCEPTABLE

“At such a critical time for our economy, it is simply unacceptable for strikes to disrupt so many lives. Other European countries have minimal service levels to prevent militant unions from closing transport networks during strikes. So we will do the same. And we will move on.”

($1 = 0.8962 pounds)

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