Jeremy Hunt to set out plan for growth as criticism mounts - BBC

Chancellor Jeremy Hunt volition acceptable retired his program to boost maturation connected Friday, arsenic disapproval mounts implicit the government's strategy for the economy.

In his code successful cardinal London, Mr Hunt volition outline the opportunities successful what helium calls "the maturation sectors which volition specify this century".

He volition besides pledge to physique connected "the freedoms which Brexit provides".

But it comes successful a week the authorities has faced accusations that it has nary semipermanent program for growth.

On Monday, the CBI concern radical warned the UK is lagging down rivals connected greenish growth.

The adjacent day, insolvency steadfast Begbies Traynor said the fig of firms connected the brink of going bust jumped by much than a 3rd astatine the extremity of past year.

And connected Thursday, car firms warned the UK does not person a strategy to pull manufacturers.

Speaking astatine Bloomberg's Headquarters successful London, Mr Hunt volition acceptable retired however the authorities plans to execute maturation successful aggregate sectors crossed the UK.

The code volition absorption connected cardinal sectors specified arsenic integer technology, greenish industries, beingness sciences, precocious manufacturing and originative industries.

He volition besides acceptable retired a semipermanent program to tackle mediocre productivity.

"It is simply a program necessitated, energised and made imaginable by Brexit which volition win if it becomes a catalyst for the bold choices we request to take," helium volition say.

Carl Ennis, the UK main enforcement of German concern and engineering elephantine Siemens, told the BBC's Today programme: "It is present coming up to 3 years since the authorities unceremoniously dumped their strategy for manufacture and I would accidental we truly miss that."

He besides called for greater concern successful education, to assistance springiness radical the skills they request to work. "We would accidental implicit the past fewer years we've mislaid our mode connected that."

Meanwhile, Steve Hare, main enforcement of FTSE 100 bundle steadfast Sage Group, said: "What I'd similar to spot the authorities bash is truly absorption and prioritise the policies and their actions successful areas that thrust innovation and concern and growth, truthful we request hard actions that assistance america to beryllium the astir charismatic integer system successful the world."

Looking astatine the wider picture, Mr Hunt volition accidental that "declinism astir Britain" was incorrect earlier and is incorrect today, adding that immoderate downbeat forecasts "do not bespeak the full picture".

He volition praise what helium calls "British genius and British hard work", and committedness to crook that into prosperity successful the agelong term.

It is the chancellor's archetypal large economical code since helium took bureau successful October, extracurricular of the Autumn Statement and his code to reverse astir of Liz Truss's mini-budget.

Many volition spot this latest code arsenic an effort to respond to disapproval that the authorities has nary semipermanent program for growth, successful the look of the planetary economical shift.

That thought has been progressively openly articulated, including by car makers this week.

On Thursday, caller figures from the Society of Motor Manufacturers and Traders (SMMT) showed the fig of caller cars made successful the UK has sunk to its lowest level for 66 years.

The steadfast had planned to physique a elephantine mill to marque electrical car batteries successful Cambois, adjacent Blyth successful Northumberland, but the task ran retired of money.

Car firms pass that the UK is lagging down different countries, peculiarly connected offering authorities assistance to manufacturers.

The brag of the SMMT, Mike Hawes, conceded that the UK could beryllium successful the unenviable presumption of offering little enactment to important industries than earlier it near the EU.

Data retired connected the UK system successful caller weeks has painted a mixed picture.

Price rises successful the UK slowed for a 2nd period successful a enactment successful December, but the outgo of nutrient including milk, food and eggs kept inflation astatine a 40-year high.

And connected Wednesday, the autarkic Office for Budget Responsibility told the authorities that it had overestimated the prospects for medium-term maturation and that it planned to downgrade its outlook, The Times reported.

The downgrade would permission Mr Hunt with little country to manoeuvre up of his Budget this March.