New Chancellor’s approach to economic priorities
The new Chancellor, Kwasi Kwarteng, recently met in London with various market and city leaders to set out the Prime Minister’s new, pro-growth economic approach.
The new approach focuses on providing immediate support for families and businesses to cope with soaring inflation and rising fuel costs whilst at the same time supporting the economy to grow in a fiscally sustainable way.
At the meeting, the Chancellor also underlined his support for the Bank of England’s moves to keep inflation under control as much as possible, which is central to tacking cost of living challenges.
In a press release from HM Treasury, Mr Kwarteng stressed that the government will support the economy to grow. He recognised that the rate of growth has been too low and committed to a radical supply side agenda to deliver lasting economic growth. This will mean creating the right conditions for business investment and innovation, reducing burdensome regulation and taxes, which will in turn create jobs, wealth and drive economic growth.
Since the new Prime Minister, Liz Truss, took office on 6 September 2022 we have seen the introduction of a cap in energy bills at £2,500 for the average household from 1 October 2022. The new Chancellor will also make further important announcements in the mini-Budget on Friday 23 September.