0:00
Growth is at the centre of the government's mission
0:03
Today's figure is still pretty weak. Are you failing at getting the economy going
0:08
Today's numbers show that the economy beat expectations in the second quarter of this year
0:14
We are the fastest growing economy in the G7 for the first half of this year
0:20
with a GDP growth of 0.3% this quarter, and that's after GDP growth of 0.7% the quarter before that
0:29
Look, I recognise there's still more to do to make sure that people in all parts of the country benefit from that growth
0:36
But since the general election, when I became Chancellor, the economy has grown by 1.2%
0:41
And GDP per capita, so for every person in the country, GDP per capita is up by 0.7%
0:48
So encouraging numbers today, but of course we need to build on that to make sure people in all parts of the country are better off
0:55
And so what difference will working people feel after a 0.3% rise in GDP
1:00
Are your policies delivering the speed of growth the UK needs? Well, growth was broad-based in the first half of this year
1:08
with increases in manufacturing, in services, the biggest part of our economy
1:13
and also in construction as well, reflecting this government's focus on getting Britain building again
1:19
So the numbers are welcome. And importantly, GDP per person is also up
1:25
So that means more money in the pockets of working people I recognise we just a year into this government there is more to do to ensure that working people in all parts of Britain are better off But these numbers show that our economy is growing we are producing more
1:39
and that's good for living standards and good for businesses across our country as well
1:45
And there have been reports that you're going to be promised to tighten rules around inheritance
1:49
tax. Are we going to see that in the autism country? Are you concerned that this is just
1:54
going to further alienate voters? Well, look, any decision around taxation is, of course, a decision for the budget, and
2:00
I'll make those announcements. We haven't even set the date yet for the budget. But
2:04
the key focus in the budget is going to be to build on the numbers that we've seen today
2:09
to boost productivity and growth and prosperity all across the country. That is my number
2:15
one priority as Chancellor, to get our economy firing on all cylinders so that working people
2:21
in all parts of the country can feel the benefits of that economic growth. We'll wait for the official forecasts from the Office of Budget Responsibility
2:32
and we'll make those decisions in the round. But what the numbers today show is that the economy
2:38
after 14 years of weak and anemic growth, that we are getting back on our feet
2:45
The economy has been stuck for too long. We're trying to get it out of the rut of the last 14 years
2:51
with anemic growth, poor productivity and living standards going backwards. Today's numbers are positive, but absolutely there's more to do
2:58
to ensure that working people right across our country are better off
