The chancellor has hinted that he could make changes to the labour market to try and drive growth.
Jeremy Hunt said UK unemployment is at a 40-year low, but 600,000 people have left the workforce since the pandemic, and he admitted that has put a strain on businesses as they struggle to recruit.
He said he will address this in Thursday’s Autumn Statement. Could it mean a change to immigration rules to allow companies to recruit more people from abroad?
He also acknowledged that Brexit has brought in more costs for businesses, but said the UK needs to embrace the opportunities.
His central message was that inflation is the biggest factor affecting household budgets. It “insidiously” eats away at people’s spending power, he said.
The chancellor promised to set out a balanced and fair approach to address short-term pressures like energy prices and the cost of food and household goods. But he also wants to give businesses the tools to help them grow.
Expect his plans to be vastly different from his predecessor’s uncosted tax giveaways. “We need a plan that stands the test of time,” he concluded.
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Source: BBC.com