UK economy ‘going gangbusters’ after coming out of recession with fastest growth in two years, say experts
By Rishi Sunak, Prime Minister
I KNOW that the last few years have been really tough.
The economic shocks of Covid and Ukraine have had a chilling effect on everyone.
But now, at last, the economic clouds have started to part, and the sun is breaking through.
The numbers don’t lie. It was confirmed yesterday that the economy is returning to full strength.
We’re seeing the fastest growth for two years – the joint highest in the G7.
We’ve got inflation down from over 11% to just over 3%. Mortgage rates are down from their peak.
Food prices are coming down. And we’ve seen wages growing in real terms for nine months in a row.
The numbers on business investment don’t lie either.
In the last week alone we’ve seen investments worth over £2 billion into our brilliant life sciences and tech sectors – including the largest AI funding deal ever seen across the whole of Europe.
This follows major investments from the likes of Google, Microsoft, Nissan and Tata Group.
It’s a huge vote of confidence in the UK.
None of this has happened by accident.
It’s due to the difficult decisions we’ve been taking week in, week out – being disciplined on spending and borrowing, and creating an environment where businesses can thrive.
Now I want to see all of this making a real difference in people’s lives.
I’m determined to make sure that the British people feel the full benefits of a stronger economy.
That’s why we’ve already taken big steps to cut your taxes.
We’ve cut the National Insurance tax by a third and Sun readers should already be seeing this in their pay packet.
It’s worth £900 a year for someone on the average salary.
The Bank of England expect this to boost growth further still.
Our long-term plan is to keep cutting the National Insurance tax until it’s gone completely.
After a tough spell, we have turned a corner. We can look ahead with optimism.
