Speaking at Bloomberg’s headquarters in London, Minister Hunt shared with the public the government’s steps aimed at boosting economic growth in the country.
In his speech, Minister Hunt stated the government’s aims under the heading “Our priorities, your priorities”. underHe listed it as “halving inflation, growing the economy, reducing debt, shortening waiting times (in healthcare) and stopping illegal immigration.”
Addressing the country’s chronic labor force crisis, Minister Hunt noted that the currently active workforce is 300,000 below the pre-epidemic level.
Minister Hunt stated that about one-fifth of the total adult workforce is not actively involved in economic working life for various reasons.
Stating that the economically inactive population of the country, excluding students, is around 6.6 million, Minister Hunt said, “This is an incredible and shocking waste of talent and potential.” used the term.
Minister Hunt stated that they are planning to implement reform and training programs in order to include this population that is not actively involved in the labor market.
Target to cut inflation in half
Minister Hunt stated that the government aims to reduce inflation by half this year and said, “The most appropriate tax cut would be to reduce inflation.” used the term.
Stating that 40 percent of our electricity power in the country is already obtained from renewable power sources, Minister Hunt said, “The UK has become the world leader in green power.” said.
In his speech, Minister Hunt underlined that the UK is a pioneer in the fields of digital technology, social sciences and innovation on a global scale and said, “Our creative industries provide employment to more than 2 million individuals in the country. We want to turn the UK into the ‘New Silicon Valley’.” made its assessment.
Reminding that England is home to one of the two largest financial centers in the world, Minister Hunt said, “Our desire to be the magnificent power of technology is an achievable goal. The four main pillars of growth; businesses, education, employment and growth reflected in every region.” used the terms.
Inflation in the country is close to the highest levels in 41 years
According to the National Statistics Office (ONS), the Consumer Price Index (CPI) in the country increased by 10.5 percent on an annual basis in December 2022.
After seeing the highest level of the last 41 years with 11.1 percent in October last year, the inflation in the country slowed down to 10.7 percent with the prestige of November.
Food prices in England increased by 16.8 percent on an annual basis in December last year. The rate in question was recorded as the sharpest increase since September 1977.