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
🔺 EXCLUSIVE: A Liberal Democrat MP has been refused entry to Hong Kong to visit her newborn grandson
Wera Hobhouse, 65, flew to the Chinese region — a British territory until 1997 — on Thursday but was held at airport security, questioned and put on the first flight home five hours later
She had her passport confiscated, was asked about her job and purpose of her trip, had her luggage searched and swabbed, and was then escorted to the boarding gate by four immigration officers
Russia attacked Ukraine with 145 drones and six long-range missiles overnight, including attacks on energy infrastructure, despite President Putin claiming he had ordered an end to strikes on the Ukrainian power grid
Ukraine has an undeniable right to defend itself on its own and supported by partners, President Stubb of Finland said today after meeting with President Zelensky in Helsinki
📸KIMMO BRANDT/EPA
Zelensky said he will talk to Trump today, the first time they have spoken directly since the bust-up between the two in the Oval Office last month.
Zelensky said he expects to hear details from the US president regarding his two-hour phone call with Putin yesterday
Lucy Powell, the Leader of the Commons, said that an Elections Bill — which would include lowering the voting age — could come in the next parliamentary session
In its manifesto Labour committed to giving “16 and 17-year-olds the right to vote in all elections”, but the pledge was not included in the government’s first King’s speech, setting out its priorities for its first parliamentary session
On the eve of election day, the polls had predicted the closest race in modern times. Instead, it was a rout
With Donald Trump poised to sweep Kamala Harris in all seven swing states, the pollsters — despite spending an estimated half a billion dollars on surveying the nation — underestimated the president-elect’s support for the third election in a row
🔺EXCLUSIVE: King Charles and his eldest son make millions from feudal levies on schools, hospitals, homeowners and the very charities they represent, a joint investigation by The Sunday Times and @C4Dispatches reveals today thetimes.com/uk/royal-famil…
@C4Dispatches The ancient property empires that fund the King and the Prince of Wales have remained a closely guarded secret within the royal family and its small circle of advisers for centuries.
Even parliament has been denied access to the list of landholdings held by the royals
@C4Dispatches We used the royal addresses to uncover how the Duchies of Lancaster and Cornwall are making millions of pounds by charging government departments, councils, businesses and the general public via a series of rents and feudal levies on land largely seized by medieval monarchs