Sunak sets out ‘plan for growth’ but falls short of immediate support

Chancellor Rishi Sunak teased his plans to tackle the cost of living crisis and build growth at a dinner party for top businesses yesterday (18 May).

Speaking to business representatives at the Confederation of British Industry, Sunak said the Government "stands ready to do more" to help households and businesses cope with rising costs.

He also revealed the overall strategy of the upcoming Autumn Budget, after the Government resisted a vote to introduce an Emergency Budget.

On the morning of the speech, the Office for National Statistics said April's inflation had hit a 40-year high of 9%.

According to Sunak, the Government's plan will deal with the "immediate impacts of inflation".

However, any spending plan will be conservative in scope, owing to fears that a significant fiscal stimulus could push up prices while the Chancellor remains staunchly opposed to any move that would push up the deficit.

On his plan for business and growth, Sunak revealed his intention is to "reduce and reform" business taxes to encourage them to invest and innovate more.

Urging the Government to introduce an Emergency Budget, the British Chambers of Commerce said:

"It's not good enough telling business to invest and train more.

"Firms are doing all they can but inflation is surging, and energy prices and interest rates keep rising."

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