Jeremy Hunt denies relaxing financial regulations 'is reckless'

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Jeremy Hunt’s new approach to boost Britain’s economy has been criticized by a financial expert who claimed that the Chancellor “gave us a lecture, not a plan”. On Friday, Mr Hunt admitted the UK was going through “a difficult patch” but insisted the country “can get through it and we can get to the other side”

He warned it is “unlikely” that there will be room for any “significant” tax cuts in the Budget.

The Chancellor has been under pressure recently from some in his party to cut taxes to stimulate the UK economy.

However, Mr Hunt said that a pledge to halve the rate of inflation “is the best tax cut right now”.

Andrew Megson, CEO of My Pension Expert told Express.co.uk: “Hunt outlined some sound logic in this morning’s speech: we must boost the economy.

“To boost the economy, businesses must thrive. And for businesses to thrive, inflation must drop. But sadly, 30 minutes of fluff followed.

“He told those who retired during the pandemic that ‘Britain needs you’, but he did not explain how he would attract people back into employment – something that still risks undermining the freedom Britons should have to enjoy their hard-earned retirement.”

Energy prices are also expected to ease in the second half of 2023.

Mr Hunt said: “The biggest tax cut that we can give the British people is to halve inflation, that means the value of their weekly shop won’t continue to go up, the value of their pay packet won’t continue to be eroded and that’s what we are focused on.”

The Chancellor also unveiled a plan to grow the UK economy, though it drew a mixed reaction with some business groups criticising the lack of detail.

He said the strategy would focus on four pillars, or “four Es”: enterprise, education, employment and everywhere.

Mr Megson continued: “The Chancellor gave us a lecture, not a plan, saying we must wait for Spring Budgets and Autumn Statements for policies, spending commitments or detailed strategies.

“There’s no scope for such a rigid approach.

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“Consumers need to get clarity now on how the Government will tackle economic issues like rising interest rates and double-digit inflation; financial planning is difficult when uncertainty hangs overhead.

“I would urge the Chancellor to focus on speeches of substance, not sweeping generalities, to help people navigate the challenges that lie ahead of them.

“In the meantime, for consumers unsure of how to manage their financial affairs – such as their longer-term savings, investment and retirement plans – they must remember they are not alone.

“Speaking with an independent financial advisor could make a huge difference, helping them create a sound, informed strategy to achieving their financial goals.”

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