Chancellor: Let鈥檚 finish the job
Chancellor sets out the economic choice facing Britain in 2014.
Chancellor George Osborne gave a keynote speech on the economy today (6 January 2014), setting out the economic choice facing Britain in 2014 and explaining the five components of the government鈥檚 long-term economic plan to build a stronger, more competitive economy.
The Chancellor was speaking at component manufacturer Sertec Group鈥檚 new Head Office in Coleshill, Birmingham, on a day that the company announced that it plans to take on 400 additional people over the next four years.
The Chancellor pointed to evidence that Britain鈥檚 hard work is paying off and that, 鈥淔or the first time in a long time, there鈥檚 a real sense that Britain is on the rise.鈥�
But as the New Year begins, he also wanted to warn against any complacency that the hard part of the job is done. The Chancellor said:
That鈥檚 why 2014 is the year of hard truths. The year when Britain faces a choice. Do we say: the worst is over; back we go to our bad habits of borrowing and spending and living beyond our means 鈥� and let the next generation pay the bill?
Or do we say to ourselves: yes, because of our plan, things are getting better. But there is still a long way to go 鈥� and there are big, underlying problems we have to fix in our economy. More repairs. More cuts. More difficult decisions.
That鈥檚 the choice in 2014: to go on working through a plan that is delivering for Britain, putting us back in control of our destiny with the security and peace of mind that brings; or squander what we鈥檝e achieved and go back to economic ruin.
Ultimately it鈥檚 your choice 鈥� a choice for the British people.
He then set out the five components of his long-term economic plan to build a stronger, more competitive, economy to secure a better future for hard-working families and future generations by:
- 鈥猚utting the deficit
- 鈥猺educing taxes for hardworking people
- 鈥猚reating more jobs by backing business
- 鈥猚apping immigration and welfare
- 鈥猟elivering the best schools and skills
The chancellor said the current forecasts implied further cuts of around 25 billion over two years by 2017-18. He said based on these current forecasts and assumptions, in order to maintain the pace of departmental spending reductions as in the current spending period, there would need to be a further 拢12 billion of welfare savings by 2017-18.
More difficult decisions are needed, the Chancellor concluded, adding 鈥渓et鈥檚 finish the job.鈥�