06 February 2024 , 11:24
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Rishi Sunak has admitted it could be a close call whether he will meet his pledge to grow the British economy but he firmly stated there is a "brighter future ahead".
Speaking to Piers Morgan on TalkTV's Uncensored, the Chancellor acknowledged uncertainty about if there had been minor growth in the UK's gross domestic product (GDP) or if it remained stagnant. He said: "We are on the wire of 'has it grown a little bit, has it broadly stayed flat', but fundamentally what was predicted was a year-long recession where the economy shrank by quite a lot."
Mr Sunak further argued against predictions of economic failure stating: "That has not happened and we have outperformed European countries like Germany and others." Later this month official stats will reveal if Mr Sunak has fulfilled his promise to stimulate economic growth.
As pressure builds for tax cuts before the election to give the Tory party a chance at maintaining power. However, Chancellor Jeremy Hunt has been cautious in managing expectations for the upcoming March Budget, saying: "I never get into this Budget speculation, but the direction of travel is clear."
He said: "I believe when people work hard, that should be rewarded, and the way to do that is to make sure that they can keep more of their own money and that is the type of society I want to build and actually cutting taxes is an expression of that."
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The Prime Minister shared his five big goals in a major talk in January 2023: making the economy bigger, cutting inflation by half, bringing down debt, slashing NHS waiting times, and stopping the boats in the English Channel. He noted, "I think we have made good progress on the economic ones, which are the first three to halve inflation, grow the economy and reduce debt."
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