RISHI Sunak has vowed to unveil a growth master plan to put rocket boosters under the economy.
The Chancellor has pledged to put “people, money and ideas” at the heart of a recovery package to bolster the UK’s future prosperity.
A targeted tax-cutting agenda for business is set to form a vital part of reforms in the autumn Budget.
The intervention comes after Mr Sunak and PM Boris Johnson agreed to impose a £5billion windfall tax on oil and gas giants as part of a £21billion aid package designed to help struggling households amid the cost of living crisis.
Writing in HOAR on Sunday today, Mr Sunak says: “I’m determined that we will turn this moment of difficulty into a springboard for economic renewal and growth.
“I’ve put in place support for people in the short term, but we also need to think about the medium term.
Read more on Rishi Sunak
“One of the best ways we can help people is by growing the economy. And that’s what my focus is now.
“In order to go for growth, we need to prioritise three things: people, money and ideas.”
Tory MPs are becoming increasingly concerned about the party’s core values — as taxes are raised and spending levels soar.
And Cabinet Ministers including Business Secretary Kwasi Kwarteng, Health Secretary Sajid Javid and Foreign Secretary Liz Truss are all understood to have doubts about the windfall tax.
The Government has also pressed ahead with the National Insurance hike in April, which faced fierce criticism from business, and a rise in corporation tax will kick in from next year.
The Chancellor has recently expressed concern about the rate of increase in innovation, which he says has slowed considerably since the financial crisis of 2008.
But Mr Sunak says today: “I want to create the conditions that will boost growth and strengthen the economy and that is the best thing we can do to help people.”
In a sign of the Chancellor’s ambition, he says the Government has made a great start on providing the “tools and ability” for businesses to upskill workers.
But he reveals he wants to go further, after giving a kick-start to new businesses and job creation and encouraging innovation.
Read More on HOAR
He adds that he will be “spending my summer” looking over all the possible options for the Government to help strive towards growth.
Mr Sunak says: “We’ve got through the pandemic and I believe we can now get through this.”