…and it’s clear these are shared global problems… I am in regular communication with finance ministers around the world… It would be irresponsible for anyone to pretend that we can solve this overnight. The pressures caused by supply chains and energy prices will take months to ease. In the year to September, the global wholesale price of oil, coal and gas combined, has more than doubled. …at a time when supplies have already been disrupted, putting strain on prices: …for container ships to move goods to where demand is, for businesses to hire the people they need.Īnd second, global demand for energy has surged… Having been shut down for almost a year, it takes time for factories to scale up production… The majority of this rise in inflation can be explained by two global forces.įirst, as economies around the world reopen, demand for goods has increased more quickly than supply chains can meet. Inflation in September was 3.1% and is likely to rise further – with the OBR expecting CPI to average 4% over next year. Let me begin by carefully explaining what is happening in our economy and why. The House will recognise the challenging backdrop of rising inflation. That is the stronger economy of the future.Īnd this Budget is the foundation. Where the only limit to our potential is the effort we are prepared to put in and the sacrifices we are prepared to make. Of strong public services, vibrant communities and safer streets.Īn economy fit for a new age of optimism. The Prime Minister’s economy of higher wages, higher skills, and rising productivity. Today’s Budget does not draw a line under Covid we have challenging months ahead.Īnd let me encourage everyone eligible to get their booster jabs as soon as possible.īut today’s Budget does begin the work of preparing for a new economy post Covid.
…but be the birth right of every child in an independent and prosperous United Kingdom. Help for working families with the cost of living.īecause we will always give people the support they need and the tools to build a better life for themselves.īecause for too long, far too long, the location of your birth has determined too much of your future.īecause the awesome power of opportunity shouldn’t be available only to a wealthy few… Investment in a more innovative, high-skilled economy.īecause that is the only sustainable path to individual prosperity.īecause these are the common goods from which we all benefit.īecause our future cannot be built by government alone but must come from the imagination and drive of our entrepreneurs. This Budget is about what this Government is about. Let there be no doubt – our plan is working. Stronger employment, with fewer people out of work and more people in work. Stronger public finances, with our debt under control. Stronger growth, with the UK recovering faster than our major competitors. Today’s Budget delivers a stronger economy for the British people:
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