This mini-budget doesn’t tackle the crises that we’re facing

Prospect general secretary Mike Clancy reacts to Chancellor Kwasi Kwarteng’s mini-budget, which included a series of tax cuts and other economic measures, which the government claims will help to boost growth.

Watch Mike’s video message above or read the full transcript below:

This mini-budget has done nothing to deal with the various crises that are actually facing ordinary working people in this country.

The favouring of people who are already well-paid runs counter to what really needs to be done to ensure that there is real growth, which everyone can enjoy the benefits of.

This government has careered from one form of economic plan to another: there’s been the long-term economic plan, there’s been the industrial strategy, there’s been the approach to levelling up, and now we have the growth plan. What all of these have lacked is a focus on what is needed to get Britain going to ensure that our public services and the private sector really do deliver growth for every citizen to enjoy.

Now, we’re not absolutely opposed to looking at corporation tax. But what is critical is that any changes to corporation tax don’t end up in the hands and the pockets of shareholders, but rather address the issue of investment in industry, research and development, and look forward to the sort of industries that we need for the future.

Whilst the support for households and businesses in terms of energy costs are welcome. We must ensure that this crisis does not get repeated. We have to see the government investment decision for Sizewell C and the rest of the nuclear fleet that we can build behind that. We need to ensure that there is a thriving renewable sector and that our energy supply is secure for the future.

What we’ve called for is the government to engage with unions, to engage with civil society and to deliver the growth plan that we would all benefit from, but this mini budget hasn’t been it.