Rishi Sunak has vowed to alter the UK’s “economic geography” by ensuring the post-Covid recovery is “more evenly felt across the country”.
Sunak also highlighted the need for Britain to invest in high-growth sectors, such as fintech, which the chancellor says will fundamentally alter the economy.
Sunak highlighted the government’s Help to Grow scheme, which gives people short-course MBA training and technology grants, as a way to help prepare the UK economy to adapt to the post-Covid world.
Speaking at the Times CEO summit, Sunak said: “I am someone who believes in business and enterprise. I’m going to provide the best environment for them to succeed.
“The type of growth should be a bit different: it should be a bit more evenly felt across the country.”
The chancellor was also asked about the prospect of rampant UK inflation, after the Bank of England today lifted its inflation forecast.
The BoE now predicts inflation will in the months ahead rise above three per cent, the upper limit of its target rate, which is above previous expectations.
The Bank’s Monetary Policy Committee said it was “transitory” and a result of pent up demand being unleashed post-lockdown.
Sunak said he was confident that inflation would not spiral out of control in the coming year as consumer spending and GDP surge.
“We can deliver stable inflation at the 2 per cent target,” Sunak said.