To close out the #TimesCEOSummit Times economics editor @PhilAldrick spoke to @RishiSunak about Covid, the future of the economy, and what 'Rishinomics' actually looks like
Sunak opened by claiming that government investment over the last 18 months brought the number of business failures in 2020 below those of 2019, kept household incomes flat, and moved forecasted unemployment from 12% to 6%
As for his 'theory of growth' post-pandemic, he argues that it needs to be centred around three key areas of investment: “Investment in infrastructure, innovation and skills”
He concedes that the government was previously weak in these areas
Does he plan to keep borrowing money post-pandemic?
Sunak argues that the public expects him to be responsible with public finances: “People expect that of a conservative government…that’s why people elect us”
But he says he's taking a different tact to the coalition years
He adds that the budget forecasts a 3% a year growth in public spending over the course of the parliament and that the public spending "pie... is definitely growing”
He makes no comment on changes to tax policy or the triple lock to help fund this
.@PhilAldrick pushes the Chancellor on social care reform - something the Johnson government has promised a plan for since its inception
Sunak says that the government is “keen to bring forward options for reforms, as well as how we pay for them” but that the issue is complex
Will the next few years bring about a 'roaring 20's' for the economy? Or will it be 'back to normal'?
The Chancellor thinks that neither term is accurate
When it comes to climate change, Sunak is quick to stress the areas where he sees the government making quick advances #TimesCEOSummit
Times Chief Political Correspondent @hzeffman writes in to the #TimesCEOSummit to ask the Chancellor if he supports George Eustice's earlier comments that he'll ditch mask-wearing on the 19th July
Sunak says that he does
Sunak also says that the government is still looking into vaccine passports as a means to relax travel restrictions for those who're double vaccinated
And finally, what is 'Rishinomics'? #TimesCEOSummit
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.