Rishi Sunak takes brutal swipe at France and Germany as he hails incredible UK growth

Brexit has triggered 'explosion' of investment says Rishi Sunak

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Speaking at the Conservative party conference in Manchester the Chancellor said he was “proud to back Brexit” as he hailed the UK’s newfound freedoms. He said Britain was set to thrive in the years to come and the promise of a brighter future outside the EU was already being delivered upon.

“I believed the agility, flexibility and freedom provided by Brexit would be more valuable in a 21st century global economy,” he declared.

“Even if you can’t see it yet I assure you the future is here.”

Pointing to the UK’s successes, he said: “The unemployment rate is at less than five percent and falling.

“That’s lower than France, America, Canada, Italy, and Spain.

“And we now have one of the fastest recoveries of any major economy in the world.”

He added: “Last year alone the UK attracted more venture capital investment to our startups than France and Germany combined.”

The UK’s economy grew by a record 5.5 percent in the second quarter of this year.

Easing of lockdown restrictions led to the economy growing faster than originally predicted as Britain bounced back from the pandemic.

The Organisation for Economic Co-operation and Development (OECD) now believes the UK economy will expand by 6.7 percent in 2021, higher than any other G7 nation.

In contrast, the EU is expected to see its economy increase by 4.8 percent this year.

Last week Bank of England Governor Andrew Bailey said he thought the UK economy would regain its pre-pandemic level of output in early 2022.

Mr Sunak’s upbeat speech on the UK’s achievements came after he renewed his commitment to do “whatever it takes” to help the UK through the unprecedented economic turmoil.

He said ahead of his address to Tory members in Manchester: “At the start of this crisis I made a promise to do whatever it takes, and I’m ready to double down on that promise now as we come out of this crisis.

“The first phase of our Plan for Jobs has worked, protecting 11 million jobs through the furlough scheme and now we are experiencing one of the strongest and fastest recoveries of any major economy in the world.

“But the job is not done yet and I want to make sure our economy is fit for the future and that means providing the support and skills people need to get into work and get on in life.”

He announced he was extending the Government’s “plan for jobs” into next year to help give extra support in the months ahead.

The furlough scheme that kept many in employment during the pandemic ended last week.

While giving an upbeat assessment of the future, Mr Sunak also warned of tough decisions ahead as he said the country would have to pay off the eye-watering debt that has piled up during the last 18 months.

Chancellor Rishi Sunak said he believes borrowing more money for future generations to pay for is “immoral” as he tried to stress his desire for fiscal responsibility.

He told conference in Manchester: “I believe in fiscal responsibility. Just borrowing more money and stacking up bills for future generations to pay is not just economically irresponsible, it is immoral.

“Because it’s not the state’s money, it’s your money,” he said.

“Whilst I know tax rises are unpopular, some will even say un-Conservative, I’ll tell you what is un-Conservative: unfunded pledges; reckless borrowing; and soaring debt.

“Anyone who tells you that you can borrow more today and tomorrow will simply sort itself out just doesn’t care about the future.

“Yes, I want tax cuts. But in order to do that, our public finances must be put back on a sustainable footing.”

Earlier in the day Mr Sunak refused to rule out further tax rises in the future.

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