In his inaugural Mansion House speech on Tuesday, Philip Hammond pledged that: ‘The government will remain committed to keeping taxes as low as possible.’
In what he called the ‘unchanging economic facts of life’, he said: ‘Higher taxes will slow growth, undermine competitiveness and cost jobs.’
‘Funding for public services can only be delivered in one of three ways: higher taxes; higher borrowing; or stronger economic growth.’ Of these, he said, only growth provides ‘a long-term sustainable solution for this country’.
In his three-point Brexit plan, the chancellor said he hoped to secure:
a comprehensive trade agreement for trade in goods and services;
mutually beneficial transitional arrangements to avoid unnecessary disruption and dangerous cliff edges; and
frictionless customs arrangements to facilitate trade across our borders.
He said that the government would remain committed to the fiscal rules set out at the Autumn Statement.
In a joint statement, the British Chambers of Commerce, CBI, EEF, the Federation of Small Businesses and the Institute of Directors have urged the government to ‘put the economy first’ as Brexit negotiations begin.
The statement, ‘Redefining the UK’s Relationship with the EU: Principles for economic success and prosperity’, sets out a number of high-level economic principles for the UK’s transition out of the EU and for the final agreement. For the transition, the government should:
maintain the economic benefits of the single market and customs union until a final settlement is agreed and implemented;
prioritise an early agreement on guarantees for EU citizens; and
maintain open borders between Ireland and Northern Ireland; and between Great Britain and the island of Ireland.
For the final agreement, business priorities include:
tariff-free goods trade between the UK and EU;
minimal customs formalities at UK/EU land, sea and air borders;
regulatory equivalence and mutual recognition of standards to ensure continued mutual access for both goods and services;
a flexible system for the movement of labour and skills between the UK and EU, enjoying public support;
continued UK participation in pan-European programmes which add real economic value to communities, businesses, young people and universities; and
protection of the benefits of free trade agreements currently delivered through the EU.
The statement calls for negotiations to take place ‘in an atmosphere of mutual respect’ and for government to ensure continuous engagement with UK business interests.
In his inaugural Mansion House speech on Tuesday, Philip Hammond pledged that: ‘The government will remain committed to keeping taxes as low as possible.’
In what he called the ‘unchanging economic facts of life’, he said: ‘Higher taxes will slow growth, undermine competitiveness and cost jobs.’
‘Funding for public services can only be delivered in one of three ways: higher taxes; higher borrowing; or stronger economic growth.’ Of these, he said, only growth provides ‘a long-term sustainable solution for this country’.
In his three-point Brexit plan, the chancellor said he hoped to secure:
a comprehensive trade agreement for trade in goods and services;
mutually beneficial transitional arrangements to avoid unnecessary disruption and dangerous cliff edges; and
frictionless customs arrangements to facilitate trade across our borders.
He said that the government would remain committed to the fiscal rules set out at the Autumn Statement.
In a joint statement, the British Chambers of Commerce, CBI, EEF, the Federation of Small Businesses and the Institute of Directors have urged the government to ‘put the economy first’ as Brexit negotiations begin.
The statement, ‘Redefining the UK’s Relationship with the EU: Principles for economic success and prosperity’, sets out a number of high-level economic principles for the UK’s transition out of the EU and for the final agreement. For the transition, the government should:
maintain the economic benefits of the single market and customs union until a final settlement is agreed and implemented;
prioritise an early agreement on guarantees for EU citizens; and
maintain open borders between Ireland and Northern Ireland; and between Great Britain and the island of Ireland.
For the final agreement, business priorities include:
tariff-free goods trade between the UK and EU;
minimal customs formalities at UK/EU land, sea and air borders;
regulatory equivalence and mutual recognition of standards to ensure continued mutual access for both goods and services;
a flexible system for the movement of labour and skills between the UK and EU, enjoying public support;
continued UK participation in pan-European programmes which add real economic value to communities, businesses, young people and universities; and
protection of the benefits of free trade agreements currently delivered through the EU.
The statement calls for negotiations to take place ‘in an atmosphere of mutual respect’ and for government to ensure continuous engagement with UK business interests.
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