Politics

Brexit masterstroke: Sunak handed key to unleash ‘hundreds of billions’ into UK economy

Cost of Living: Public discuss impact of Brexit

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The Chancellor plans to help businesses who invest by buying products or services from other British firms could receive tax breaks under new plans. However, post-Brexit Mr Sunak has been told However, post-Brexit Mr Sunak has been told to “release hundreds of billions” into the economy by axing regulations.

Iain Duncan Smith, former Tory leader, said that after the US and China, “the UK is probably still third among the five most powerful actors in global terms”.

He said: “That. in essence, means not much has changed in the past 300 years. The UK has always been a medium-sized country near the top in terms of global reach and influence.

“The foundations of Britain’s past successes are still there and strong. These should guide us as we plan for how we should act post-Brexit.

“The decision to join the EEC was born out of pessimism. Our leaders believed that the only way to save ourselves was to become part of ‘Europe’.

“There was a failure to see the strengths that made the UK so influential on the world stage: our stable common law-based legal and political system, our language, our central role in finance and our global reach through the Commonwealth.”

Mr Duncan Smith also wrote in the Telegraph the 2016 Brexit referendum was “was a revolt against this pessimism”.

Urging the Chancellor to take advantage, he said: “There are huge challenges and opportunities ahead, but so much depends on whether our governing elites can re-discover the self-confidence that was once the hall-mark of Britain.

“Having left, for example, we should by now have directed our energies into reducing the burden of regulation imported from Brussels in areas like financial services.

“This would release hundreds of billions into the economy.”

It comes as Mr Sunak looks to incentivise firms to invest in British businesses by providing tax breaks.

A source told the Daily Mail about the plan: “Tax breaks are being looked at for companies that invest.

“But also, one thing being considered is tax breaks for firms that buy British. We want to boost business here at home.

“It is not for certain. But it is being talked about.”

Another source said that while the idea was being considered, there could be problems around World Trade Organisation rules.

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Meanwhile, the Chancellor is also set to meet with oil and gas producers amid outrage in the sector over his windfall tax.

Mr Sunak announced a 25 percent windfall tax on oil and gas producers in order to raise funds for a program to help people pay their soaring energy bills..

Bloomberg reported the discussion is scheduled take place on Thursday in Aberdeen.

It is set to include senior management and chief executives of oil and gas companies that operate in the North Sea, according to people with knowledge of the meeting.

Earlier in June, George Freeman, Science Minister, said at the Digital Catapult’s Cyber-Physical Future Forum for London Tech Week: “I should say that I was a very loud Remainer but I respect the mandates of the British people.

“I think they wanted us to make this a moment where we reform and renew the British economy so that it is fairer and more dynamic and more prosperity promoting for everybody.”

Mr Freeman added there are two big things that Britain can do now that it couldn’t do before Brexit.

One of those involved being able to cut red tape by avoiding the EU’s regulatory framework “so we can now start to be really agile and digital in how we regulate”.

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