I can’t fix all your problems, says Rishi Sunak who admits ‘It’s right we’re honest about the trade-offs we face’ and confirms he REFUSED to step aside for Boris in leadership race
- PM says inflation is ‘number one enemy’ as he vows to restore Government trust
- Comes after Lis Truss ‘sugar rush’ budget during short stint in Downing Street
- Bank of England was forced to put up interest rates to curb rising price this week
- Mr Sunak also reveals he told Boris Johnson he would not step aside during race
Rishi Sunak has admitted he ‘can’t fix all your problems’ and called for honest about ‘the trade-offs we face’ – as he confirms he refused to step aside for Boris Johnson in the Tory leadership race.
The Prime Minister has said inflation is the ‘number one enemy’ as he vowed to rebuild trust in the Government following Liz Truss’ ‘sugar-rush’ during her short stint in No10.
He added that he is doing everything he can to ‘grip’ the issue and limit rises in mortgage repayments.
It comes as the Bank of England was forced to put up interest rates to curb rising prices, hiking its base rates by 0.75 percentage points to 3 per cent – their highest level in 15 years.
Meanwhile, the PM also revealed that he told former leader Mr Johnson he would not step aside during crunch face-to-face talks over the Tory leadership race, instead insisting that he was the ‘best person for the job’.
In an interview with The Times, Mr Sunak said he understood ‘anxiety’ of households across the UK amid rising inflation and a cost-of-living crisis – with the UK also facing an estimated £50 billion black hole in public finances.
He said: ‘It’s right we’re honest about the trade-offs we face — everyone now talks about borrowing, everyone appreciates that the government cannot do everything.
The Prime Minister has said inflation is the ‘number one enemy’ as he vowed to rebuild trust in the Government
The PM also revealed that he told former leader Boris Johnson he would not step aside during crunch face-to-face talks over the Tory leadership race
Mr Sunak also acknowledged that after the turmoil of Ms Truss’s premiership during an interview
‘How does government do everything? It just does it by borrowing money, which ultimately leads to, as we saw, high inflation, a loss of credibility, spiking interest rates.
‘Actually, the argument in one sense was made over the summer. So I think it’s just honesty with people about why you got here — that’s why you have to prioritise.
‘You have to make sure that as you’re doing things, you’re doing it in a way that’s fair and being honest with people that, of course, no government can fix every problem. Life is not that simple.’
Mr Sunak also said he recognises the concerns of families across the UK facing crippling increases to their monthly mortgage bills.
He added: ”I absolutely recognise the anxiety that people have about mortgages. It’s one of the biggest bills people have,” he said.
‘So what I want to say to people is that I’m going to do absolutely everything I can to grip this problem, to limit the rise in those mortgage rates.
‘I think inflation is the number one enemy, as Margaret Thatcher rightly said. Inflation has the biggest impact on those with the lowest incomes. I want to get a grip of inflation.’
Mr Sunak also acknowledged that after the turmoil of Ms Truss’s premiership, the Tories urgently need to rebuild the trust of the public.
He pointed to his own record as chancellor – when he introduced the Covid furlough scheme – as to why people should trust him when it comes to running the economy.
Rishi Sunak delivers a speech at a reception for world leaders, business figures, environmentalists and NGOs at Buckingham Palace on Friday
The PM said: ‘I completely acknowledge that trust has been damaged over the past few weeks and months. I realise that trust is not given, trust is earned. My job is to regain people’s trust.
‘The only thing that people will take away from the summer – hopefully from my track record as chancellor – I’m someone they can trust understands the economy.
‘I’m someone they can have confidence in, who will manage us through what will be a difficult economic time. I’ve got a track record in doing it.’
Aside from the autumn statement, Mr Sunak said the main issue preoccupying him over the preceding 48 hours was the migrant crisis in the English Channel.
He defended Home Secretary Suella Braverman’s controversial claim that the south coast was facing an ‘invasion’ of illegal migrants, though he did not use the word himself.
Mr Sunak said: ‘What Suella was doing was conveying a sense of scale of the challenge we face, which is serious and unprecedented.
‘There is no easy overnight fix to that challenge. But people should know that I’m very committed to addressing it.’
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