Investors in science and technology need to be able to rely on the assurance that we will not fall behind nations such as the US, Israel, Germany and South Korea in our investment to science.
Hunt also says he will announce “spending cuts” this week but insists the government will protect the most vulnerable.
“I think what you’ll see overall is a broad approach that recognises that, where we can, we need to prioritise people on the lowest incomes.”
Are we in recession? Of course not. The ONS has in fact just uprated its growth forecast, and the IMF now admits that Kwarteng’s reforms will boost growth.
“There were a number of mistakes” made over the mini-budget announcement, and “people want reassurance”, he says.
“It was a decision the Chancellor made”, but she is committed to it, Truss says.
“But I understand what the Government is attempting to do, and I agree with the whole principle that we have to get growth going,” he says.
“You would want to take your cabinet with you, and you would want to discuss it with them,” he says.
PM says she has “learned” from the events of the last week after the cost of government borrowing spiked following the Mini-Budget.
This Chancellor’s statement was Trussonomics at its purest. If it pays off, it will be the biggest vindication of economic liberalism since Thatcher at her pomp. But that is a big if.
Even with growth, shrinking state spending as a share of GDP will require serious reforms and cuts to government programmes.
Above all, to what extent will he present a clear plan and message? My starter for ten is “help hard-working people and go for more growth”.
The Government’s approach is unlikely to bring out the best from those upon whom it depends to get things done.
The Business Secretary says such things are “for the Chancellor” when pressed by Sophy Ridge.
Siddiq adds that she is “very worried by the National Insurance hike hitting people’s pay packets this week.”