Rishi Sunak has said there is no ‘easy cost-free answer’ to the pandemic as he warned of future tax increases in a speech about ‘balancing the books’.
Speaking at the virtual Conservative Party conference today, the Chancellor said the government will seek to protect public finances and begin getting their ‘borrowing and debt back under control’ in the ‘medium-term’.
He went on: ‘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.
‘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. Hard choices are everywhere.’
Sunak also warned that the UK was only ‘part way through’ the pandemic and described how it had already reached ‘deep into our …