Chancellor of the Exchequer Rishi Sunak said that Britain's economic recovery from the Covid-crisis is not guaranteed as he warned of the risks of rising interest rates and inflation on public debt.
Mr Sunak, who was speaking on the eve of opening the new UK Infrastructure Bank in Leeds on Wednesday, which aims to help deliver the country's climate ambitions while boosting jobs and growth, said he hoped Britain was over the worst but he was still focused on securing the future.
“Hopefully we’re through the crisis phase of this,” he told GB news in a television interview.
“I’ve got one eye on the future, I want to make sure we’re protected against risk.”
He said he would “invest in our children’s future, not have them paying for the spending of the past”.
Mr Sunak said rising prices are one of his near-term concerns, as UK inflation surged unexpectedly by 2.1 per cent on Tuesday, past the Bank of England’s target for the first time in almost two years.
However, he said there was no sign that expectations for higher inflation were becoming entrenched as the economy bounces back from its coronavirus lockdowns.
"That's different to what's happening in the US so I think actually here, people's expectation is inflation will remain at target over the medium term, but of course that's one of the many risks that it's my job to worry about," Mr Sunak said.
“As interest rates and inflation change, that has an impact on our debt.”
The government has spent heavily over the past year on job support and health measures to prop up the economy during the crisis and prevent unemployment from soaring out of control.
Borrowing in the 2020/21 financial year hit £300.3bn, or 14.3 per cent of annual economic output, the highest share on this measure since the end of the Second World War.
However, with the country still governed by Covid-19 movement restrictions, borrowing in 2021-22 is still expected to total more than £200bn, or 10 per cent of GDP, with Mr Sunak under pressure to deliver on his pledge to balance day-to-day spending and revenue by the middle of the decade without further tax increases.
Pressed on how he might raise extra revenue to close Britain’s deficit, Mr Sunak repeatedly declined to commit to maintaining the government’s “triple lock” policy on pensions.
Introduced by the Conservatives in 2010, it is a guarantee to raise the state pension by the highest of three measures: annual growth in average earnings, inflation, or 2.5 per cent.
The latest figures show average wages grew 8.4 per cent in the 12 months to April as millions of employees returned to work, which means that could be to used to calculate the state pension next year at a cost to the Treasury of £7bn.
Mr Sunak said there would be a statutory review of the policy in the Autumn and that it remains the government’s position for now, though he refused to comment on future spending decisions outside of fiscal events such as a budget or spending review.
The finance minister also said there would be would be no return to austerity after he spent £350bn on Covid support during the pandemic.
However, he said he wanted to protect the country against shocks ahead and not leave Britain's debt to be paid for by future generations
"That does require a bit of focus and prioritisation," Mr Sunak said.
Mr Sunak’s interview was recorded the night before he opened the UK Infrastrucuture Bank (UKIB) which aims to accelerate investment into infrastructure projects, cut emissions and support the government’s bid to level up every part of the UK economy.
Mr Sunak said the bank will help the government invest billions of pounds ”in world class infrastructure” that will support people, businesses and communities across the country.
While the chancellor acknowledged that tackling climate change would expensive with “costly transitions”, he said the future green economy will also offer “opportunities” with the government committed in investing to ensure people are supported through the transition.
In his March budget, Mr Sunak said UKIB would support regional economic growth and help eradicate the north-south divide in Britain.
The bank will receive an initial £12 billion of capital and £10bn in government guarantees, with hopes it will help to unlock more than £40bn of private sector investment.
The lender’s £22bn of financial capacity will allow it to issue loans, equity and guarantees on private projects with plans to ramp up its lending over time to local authorities.
It is part of the government’s plan to deliver more than £600bn in gross public sector investment over the next five years, the highest level as a proportion of GDP since the late 1970s.
Chris Grigg, chair of the UKIB said the bank will be “a catalyst for investment to support regional economic growth and net zero ambitions”.
Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
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UAE currency: the story behind the money in your pockets
The%20specs
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THE%20SPECS
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Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETwig%20Solutions%20(with%20trade%20name%20Twig)%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChafic%20Idriss%2C%20Karam%20El%20Dik%20and%20Rayan%20Antonios%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Ebootstrapped%20(undisclosed)%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E13%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-seed%20%E2%80%94%20closing%20the%20round%20as%20we%20speak%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20senior%20executives%20from%20the%20GCC%20financial%20services%20industry%20and%20global%20family%20offices%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Results
%3Cp%3E%3Cstrong%3EStage%203%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Einer%20Rubio%20(COL)%20Movistar%20Team%20-%204h51%E2%80%9924%E2%80%9D%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%20-%2014%22%3Cbr%3E3.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20-%2015%22%3Cbr%3E%3Cstrong%3EGeneral%20classifications%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders)%20-%207%22%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20-%2011%22%3C%2Fp%3E%0A
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
more from Janine di Giovanni
Could%20We%20Be%20More
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
More from Neighbourhood Watch:
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
RECORD%20BREAKER
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Company%20Profile
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STAGE%201%20RESULTS
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'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY%20PROFILE
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
Results
2.30pm: Dubai Creek Tower – Handicap (PA) Dh40,000 (Dirt) 1,200m; Winner: Marmara Xm, Gary Sanchez (jockey), Abdelkhir Adam (trainer)
3pm: Al Yasmeen – Maiden (PA) Dh40,000 (D) 1,700m; Winner: AS Hajez, Jesus Rosales, Khalifa Al Neyadi
3.30pm: Al Ferdous – Maiden (PA) Dh40,000 (D) 1,700m; Winner: Soukainah, Sebastien Martino, Jean-Claude Pecout
4pm: The Crown Prince Of Sharjah – Prestige (PA) Dh200,000 (D) 1,200m; Winner: AF Thayer, Ray Dawson, Ernst Oertel
4.30pm: Sheikh Ahmed bin Rashid Al Maktoum Cup – Handicap (TB) Dh200,000 (D) 2,000m; Winner: George Villiers, Antonio Fresu, Bhupat Seemar
5pm: Palma Spring – Handicap (PA) Dh40,000 (D) 2,000m; Winner: Es Abu Mousa, Antonio Fresu, Abubakar Daud
The specs
Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
