{"id":183849,"date":"2023-11-21T09:49:41","date_gmt":"2023-11-21T09:49:41","guid":{"rendered":"https:\/\/precoinnews.com\/?p=183849"},"modified":"2023-11-21T09:49:41","modified_gmt":"2023-11-21T09:49:41","slug":"chancellor-war-on-inflation-is-turning-economy-around","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/politics\/chancellor-war-on-inflation-is-turning-economy-around\/","title":{"rendered":"Chancellor: War on inflation is turning economy around"},"content":{"rendered":"

<\/p>\n

He insisted yesterday he was now significant more bullish about Britain’s economic performance than when he became Chancellor 13 months ago.<\/p>\n

Mr Hunt credited halving inflation from its “terrifying” peak last year for the change in fortune.<\/p>\n

In a speech to business leaders before tomorrow’s crunch autumn statement, he said: “I feel a lot more positive about the UK economy than I did a year ago when I came in.<\/p>\n

READ MORE: <\/strong> Rishi Sunak promises to reduce tax burden now inflation halved<\/strong><\/p>\n

“The biggest reason is because we have managed to halve inflation…11.1% inflation, which it was this time last year, is terrifyingly high.<\/p>\n

“We’ve had to do some very difficult things to get it back under control but I hope now people can see we are making progress on that. I will be focusing on growth.”<\/p>\n

Mr Hunt’s fiscal statement includes measures to boost business investment. He said the UK’s productivity was 15% lower than Germany’s, partly due to skills training – which he claimed the Government was addressing through better technical education – but also a lack of capital investment.<\/p>\n

He told the Confederation of British Industry: “What you will see on Wednesday… there’s a range of measures designed to unlock business investment and close that gap with countries like France, Germany and United States.”<\/p>\n

Don’t miss… <\/strong>
Argentina’s blundering new president vows to cut off country’s two main partners[WORLD ] <\/strong>
Rishi Sunak confirms tax cuts are coming in Autumn Statement[POLITICS ] <\/strong>
EU budget at risk as German economy on its knees after \u00a352 billion hole[WORLD ] <\/strong><\/p>\n

He also promised further measures to encourage domestic pension funds to invest in the UK.<\/p>\n

The Chancellor said: “We have got the second biggest pension fund ecosystem in the world.<\/p>\n

“But for various historic reasons, there are too many barriers that prevent them investing in some of the biggest domestic opportunities.”<\/p>\n