U.K.’s Hunt Pledges to Back Business If He Becomes Next Premier
Jeremy Hunt has promised to deliver a $33.8 billion boost to the U.K. economy by backing entrepreneurs, if he becomes U.K. PM.
(Bloomberg) -- Jeremy Hunt has promised to deliver a 27 billion pound ($33.8 billion) boost to the U.K. economy by backing entrepreneurs, if he wins this month’s contest to become the U.K.’s next prime minister.
It’s a promise designed to set him apart from his rival -- Boris Johnson, who is the favorite to replace Theresa May as Conservative Party leader.
Since the 2016 Brexit referendum, Britain’s ruling Conservative Party has had a mixed attitude toward corporations.
First May and then Johnson expressed disdain for business, as they prioritized delivering on the vote to leave the European Union.
Hunt has drawn up a five-point plan to back business, including measures his team says will increase labor productivity and deliver a 27 billion-pound boost to the economy.
"We can only afford to fund our vital public services if we grow the size of the pot and my plan will do exactly that," Hunt said. "We have to remember that the Conservative Party should back the wealth creators and entrepreneurs who take risks to create jobs."
His plan includes cutting taxes on businesses to boost investment; a program of infrastructure development; raising standards of education; encouraging a risk-taking culture; and turning the government’s focus onto economic growth after Brexit.
To contact the reporter on this story: Tim Ross in London at tross54@bloomberg.net
To contact the editor responsible for this story: Flavia Krause-Jackson at fjackson@bloomberg.net
©2019 Bloomberg L.P.