“A year ago we outlined our Plan for Jobs at a time when people feared the worst, and because of the plan we put in place we’ve managed to ensure that economic growth is recovering, the economy is growing well, many more people are in work, unemployment is far lower than feared. “I think it is important to remember why we are in this position,” he said. He said the country could now look forward to a strengthening economy as it continued to pick up following the pandemic. “We had to take some corrective action as a result of the crisis and the response we took to it, but hopefully that now is done and, as we demonstrated yesterday, our priority is to make sure that work pays, that we reward people’s efforts and I’m delighted we could make a start on that yesterday.” “As I said very clearly yesterday, my ambition is to lower taxes for people, that is what I would like to do as Chancellor,” he said. Speaking on Sky News, the Chancellor said he hoped the need for tax increases was now done and that he would be able to make further cuts. In his statement to the Commons, Mr Sunak took advantage of better-than-expected economic growth to announce across-the-board spending increases for Government departments.Īt the same time he announced a £2.2 billion cut to the Universal Credit taper rate – allowing those on the benefit to keep more of their earnings as they find work.
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