Jeremy Hunt has unveiled his ambitious four-point plan to turn the UK into “the world’s next Silicon Valley”.
During a keynote speech at Bloomberg’s headquarters in London, Britain’s Chancellor of the Exchequer set out his long-term plan for prosperity.
Appealing to innovators to be open to his plan for change, he vowed the Conservative government “will back you to the hilt”.
The four pillars of his vision to make the UK the most prosperous country in Europe are enterprise, education, employment and everywhere. The latter part refers to Mr Hunt’s plan to ensure the benefits of economic development are felt across the UK, not just in London and the south of England.
He said the pillars were “essential for any modern, innovation-led economy”.
While he praised entrepreneurs, businesses and tech firms, he said the attitude among Britons towards risk-taking must become bolder.
The Chancellor said that “Britain needs a more positive attitude to risk-taking”, as it is “too cautious compared to our US friends.”
Virgin Orbit’s attempt to make European history by sending a rocket into orbit may have ended in failure but “what we learnt from it will make future success more likely,” Mr Hunt said.
“Every big business was a start-up once and we won't build the world's next Silicon Valley unless we nurture battalions of dynamic new challenger businesses,” he said.
Mr Hunt also said Brexit affords the UK an opportunity not just to change regulations, “but also to work with our experienced, effective and independent regulators”.
The “pro-business climate” in the UK has led to the creation of more than 1 million new businesses since 2010, he said, as he promoted his agenda to set the stage for the next million new firms to be set up.
Low taxes are essential to attract investment, he said, as he pledged to put “restraint on spending”.
“High taxes directly affect the incentives which determine decisions by entrepreneurs, investors or larger companies, about whether to pursue their ambitions in Britain,” Mr Hunt said.
“With volatile markets and high inflation sound money must come first.
“Our ambition should be to have nothing less than the most competitive tax regime of any major country. That means restraint on spending.
“In case anyone is in any doubt about who will actually deliver that restraint to make a low tax economy possible, I gently point out that in the three weeks since Labour promised no big government chequebook they’ve made £45 billion of unfunded spending commitments.”
He also said there is misplaced “gloom” about the prospects for the UK economy, adding: “Declinism about Britain was wrong in the past and it is wrong today.”
Mr Hunt said the government is to proceed with reforms to so-called Solvency II — an EU directive that governs the amount of funds British insurers are required to hold in reserve.
An enterprise-centred culture built on low taxation, rewards for risk taking, access to capital and smarter regulation is key to help the country reach its potential, he said.
The role of education is also vital, he added, as he bemoaned the lack of literacy skills among parts of the population. Opportunity must be “as open” to people not educated at university as it is to those with degrees, he said.
On the third pillar, employment, Mr Hunt said about 6.6 million working age adults, 20 per cent of the UK workforce, are economically inactive — five million of whom do not want to work.
He described this as an “enormous and shocking waste of talent and potential” as he directly appealed to the unemployed saying: “Britain needs you.”
Fundamental reforms are needed to support people with long-term illnesses and mental health problems get into work, he said.
On the final component of his plan — everywhere — he said it is “socially divisive” and “economically damaging” if young people feel they need to head to southern England to get ahead in their careers.
The government's levelling up agenda is making headway in this area, he said, noting that since February 2020 70 per cent of new jobs created have been outside London and the south-east of England.
Tony Danker, the director general of the Confederation of British Industry, welcomed Mr Hunt's announcement.
He said it is right that the Chancellor has “shifted gear to renew his focus on growth” after being parachuted into No 11 last year to bring economic stability after Liz Truss’s disastrous mini-budget.
“It’s only by improving the UK’s languishing performance on productivity that we can realise the huge economic potential in every corner of the country,” Mr Danker said.
He backed the Chancellor’s plan to use innovation as the foundation for the UK’s future economy and praised him for “championing the strengths of the UK tech sector”.
“He now has a strong framework for growth,” the CBI chief added. “And we hope the Budget in less than two months will show strong actions to move us forward.”
Susannah Streeter, senior investment and markets analyst at financial services firm Hargreaves Lansdown, said the government must accept there are no fast solutions for economic woes.
‘’Jeremy Hunt shrugged off his firefighter image for that of a construction worker, determined to help rebuild Britain’s economy,” she said.
“But there is no quick-dry concrete available to provide an immediate solution to the stagnation the UK is languishing under.”
Ms Streeter said details are “sorely lacking” in Mr Hunt’s plan and suggested ministers are “clearly unsure how it will be paid for”.
Kitty Ussher, chief economist with the Institute of Directors, dismissed the Chancellor's words as “empty”.
“The Chancellor himself said today's speech was ‘not a series of measures or announcements’,” she said.
“We would therefore add a fifth E for ‘Empty’ to his 4 E's economic framework.
“Business needs government action to counteract the negative mood, for example through a continuation of the capital investment super-deduction, through tax credits for employers who invest in skill shortage areas and a plan to incentivise the net-zero transition for the SME sector.”
At a cabinet away-day at Chequers on Thursday, Mr Hunt said the government must maintain its “disciplined approach” to public finances if it is to get inflation under control.
Prime Minister Rishi Sunak and Mr Hunt emphasised that inflation was only predicted to fall because of the “tough decisions” made in the autumn statement to stabilise the economy.
“The Chancellor said it would be necessary to retain this disciplined approach to reduce inflation, because it is the greatest driver of the cost of living,” Downing Street said.
The gathering, at the prime minister’s residence in the Buckinghamshire countryside, took place amid frustration among some Conservative MPs who believe tax policies are stifling growth and investment.
But Mr Hunt is reported to be determined to stick to his guns after Ms Truss's mini-budget last September sent the pound tumbling to a 37-year low.
Jeremy Hunt — in pictures
The Bank of England was forced to make an emergency intervention in the markets after former chancellor Kwasi Kwarteng’s £45 billion ($56bn) package of unfunded tax cuts sent sterling into free fall.
Mr Hunt reportedly told ministers that “helping more people back into work was one of the most important steps which could have immediate benefits for everyone”.
Health Secretary Steve Barclay briefed the meeting on efforts to tackle the National Health Service backlog while Home Secretary Suella Braverman updated ministers on measures to stop migrants in small boats crossing the English Channel.
The gathering, which also included a meeting of “political cabinet”, without civil servants present, was largely overshadowed by the continuing row over Tory party chairman Nadhim Zahawi’s tax affairs.
Can Rishi Sunak tame the UK economy? — Business Extra podcast
UAE currency: the story behind the money in your pockets
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
UAE currency: the story behind the money in your pockets
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Company%20profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The Kingfisher Secret
Anonymous, Penguin Books
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
more from Janine di Giovanni
KILLING OF QASSEM SULEIMANI
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
'Midnights'
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BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Company%20Profile
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Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
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The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
How they line up for Sunday's Australian Grand Prix
1 Lewis Hamilton, Mercedes
2 Kimi Raikkonen, Ferrari
3 Sebastian Vettel, Ferrari
4 Max Verstappen, Red Bull
5 Kevin Magnussen, Haas
6 Romain Grosjean, Haas
7 Nico Hulkenberg, Renault
*8 Daniel Ricciardo, Red Bull
9 Carlos Sainz, Renault
10 Valtteri Bottas, Mercedes
11 Fernando Alonso, McLaren
12 Stoffel Vandoorne, McLaren
13 Sergio Perez, Force India
14 Lance Stroll, Williams
15 Esteban Ocon, Force India
16 Brendon Hartley, Toro Rosso
17 Marcus Ericsson, Sauber
18 Charles Leclerc, Sauber
19 Sergey Sirotkin, Williams
20 Pierre Gasly, Toro Rosso
* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice
Step by step
2070km to run
38 days
273,600 calories consumed
28kg of fruit
40kg of vegetables
45 pairs of running shoes
1 yoga matt
1 oxygen chamber
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
