The OECD has just downgraded Britain’s growth forecast for next year.
It’s now expected to be just a THIRD of the G20 average growth rate.
This is a great country. We can and should aspire to do so much better.
It matters. Growth delivers more jobs, better opportunities, investment, higher wages and better public services.
But when everything is too heavily taxed, too slow, over-regulated and too expensive, our country simply can’t grow and compete on the international stage.
Inflation remains well above target, and Britain’s 30-year borrowing costs are higher than those of the US, Germany, France, Japan or Canada. The OECD is urging countries to control spending and improve public sector efficiency.
Labour’s answer is always more taxes. No country has ever taxed its way to growth.
It’s time for Andy Burnham to get off TikTok and get serious about our economy. Labour’s first two Budgets have increased taxes by £66 billion a year. We can’t take any more. The only way forward is to reform the cost of government and tackle out-of-control welfare spending.
I will be a Chancellor who is serious about growth, serious about controlling our public finances and serious about reducing the cost of living for families.