Prime Minister Theresa May will today stress the importance of the UK’s free market economy, calling it the “greatest agent of collective human progress ever created”.
In a speech to mark the 20th anniversary of the independence of the Bank of England (BoE), May will say a free market operating under the right rules and regulations “led societies out of darkness and stagnation”.
She added that a free market economy "is unquestionably the best, and indeed the only sustainable, means of increasing the living standards of everyone in a country".
May, who started her professional life at the Bank of England in 1977, will say: “We should never forget that raising the living standards, and protecting the jobs, of ordinary working people is the central aim of all economic policy.”
The Prime Minister will also vow to take a “balanced approach” to public spending to ensure the UK economy “can remain strong and we can protect people’s jobs”.
Meanwhile, BoE chief economist Andy Haldane last night dropped a further hint that an interest rate rise was imminent.
In an attempt to sooth the nerves of debt-laden consumers, he told Sky News: “This would be interest rates getting back to normal. It would be a sign of the economy healing."