Sunak Warns Manifesto Pledges Will Be ‘Tricky’: U.K. Tory Update
Sunak Backs Johnson as Leader for Tough Times: U.K. Tory Update
(Bloomberg) -- U.K. Chancellor of the Exchequer Rishi Sunak suggested the government may not be able to keep all its pre-election pledges after the pandemic stalled the economy. Speaking at the Conservative Party’s online conference, he warned of “hard choices everywhere” and said there must be some limit on public spending.
Key Developments:
- Johnson urged the public to go to the cinema as Cineworld Group Plc suspends operations
- Chancellor Rishi Sunak paid tribute to Johnson in his keynote speech
- Ministers also launched a 238 million-pound ($308 million) program to help prepare people who lose their jobs to find new work
- Must read: Covid Crisis Hastens an Overdue Reckoning for U.K. Economy
Sunak: Manifesto Pledges Will Be ‘Tricky to Meet’ (12:50 p.m.)
Sunak said it will be “challenging” to meet all of the pledges outlined by his Conservative Party in last December’s general election manifesto.
He cited promises made on borrowing and debt by the Tories, saying it is “pretty safe to say those are going to be tricky to meet” during the pandemic. “Without question this is a once in a century episode so we have to respond flexibly,” the finance minister said. “But I think the values and principles in that manifesto are ones that we believe very strongly in.”
Sunak Sees ‘Hard Choices’ on Spending (12:15 p.m.)
Chancellor Rishi Sunak said “hard choices are everywhere” as he warned about the need to get spending and borrowing under control “in the medium term.”
“We have a sacred responsibility to future generations to leave the public finances strong, and through careful management of our economy, this Conservative government will always balance the books,” Sunak told his party’s annual conference.
“If instead we argue there is no limit on what we can spend, that we can simply borrow our way out of any hole, what is the point in us? I have never pretended there is some easy cost-free answer.”
Sunak Backs Johnson’s Leadership (12 p.m.)
Chancellor Rishi Sunak began his speech with a tribute to Johnson as premier, after reports of tensions between the two.
“What the commentators don’t see, the thing I see, is the concern and care he feels, every day, for the wellbeing of the people of our country,” Sunak said. “Yes, it’s been difficult, challenges are part of the job, but on the big calls, in the big moments, Boris Johnson has got it right and we need that leadership.”
Sunak has overtaken Johnson as the most popular member of the Cabinet and some Tories think he’s next in line to become prime minister.
Johnson Urges Britons to Visit Cinemas (11 a.m.)
Boris Johnson said there would be tough “tough times ahead” in the jobs market after Cineworld Group Plc said it will temporarily suspend operations at all its U.S. and British movie theaters now that crucial income from winter blockbusters has been pushed into 2021 by the coronavirus pandemic.
The prime minister urged people to support the industry: “Local cinemas do now have ways of making their shows go on in a Covid-secure way and I’d encourage people to go out to the cinema, enjoy themselves and support those businesses.”
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