Rishi Sunak: Tax cuts only once the public finances are on a “sustainable footing”

Rishi Sunak, in his first Tory conference speech as chancellor said “the EU would provide flexibility to shape a more modern economy and Brexit is in UK’s long-term interest”.

He also said he wanted to cut taxes, but only when the public finances are on a “sustainable footing”.

He announced more funding for research into artificial intelligence.

He also said he was proud to have supported Brexit, and leaving the EU would make the UK more “agile” economically.

He defended rising taxes to pay for the NHS and social care, insisting the hikes were more responsible than making “unfunded pledges”.

He told delegates the country should be grateful for “sound Conservative management” of the economy by his predecessors since 2010. He acknowledged tax rises were unpopular and perceived as “un-Conservative”, they were a better option than “reckless borrowing. Stacking up bills for future generations to pay is not just economically irresponsible, it is immoral”. He also said “unConservative is unfunded promises, reckless and soaring debts”.

After the public spending splurges of the pandemic, he portrayed himself as a traditional Conservative cautious in how taxpayers’ money is spent, drawn to cut taxes when he can – even though he has put them up. Rishi Sunak also  said ” I have to be blunt, our recovery comes at cost- We need to fix our public finances”. He also announced $500m funding to expand the government’s  job support schemes which will help workers coming out of  furlow. 

Housing Secretary Michael Gove, has pledged to build 300, 000 new homes a year, and insisted the planning rules needed a radical shake-up to ensue more homes could be delivered.