Liz Truss refers to the European war, COVID’s aftermath, and the current global economic crisis when she describes the task as being of “immense proportions.”
She says that is why we need to do things differently in the UK.
“As the last few weeks have shown, it will be difficult.
“Whenever there is change, there is disruption.
“Not everyone will be in favour.
“But everyone will benefit from the result – a growing economy and a better future.”
She says the government has a clear plan.
“I have three priorities for our economy: growth, growth, and growth,” she says clapping and laughing.
The PM says the tax burden will be lowered and says the Tory party will “always be the party of low taxes”.
“Cutting taxes is the right thing to do morally and economically.
“Morally, because the state does not spend its own money. It spends the people’s.
“Economically, because if people keep more of their own money, they are inspired to do more of what they do best.
“This is what grows the economy.”
She says more government intervention makes people feel smaller and means you “feel it’s less worthwhile working the extra hour, going for a better job”.
She says stamp duty is being cut, the National Insurance rise is being reversed next month, corporation tax cut, and the basic rate of income tax brought down.
She mentions her U-turn on cutting the 45p rate of income tax and says it was a distraction.
“That is why we are no longer proceeding with it,” Ms Truss admits.
“I get it and I have listened.”
The PM gets a chuckle as she says she was in shock when she opened her first paycheck to see how much money the taxman had taken out.
“That is why we must always be careful with taxpayer’s money,” she says.
“And it is why this government will always be fiscally responsible.”
The PM promises to bring down government debt.
And says it is right interest rates are set by the Bank of England without government intervention.
“The Chancellor and the Governor will keep closely co-ordinating our monetary and fiscal policy.
“The Chancellor and I are in lockstep on this,” she adds to much applause.
She promises to drive economic reforms “to build our country for the new era” by ensuring decisions are sped up and removing burden on businesses.