Rishi Sunak says he wants to CUT taxes – but only after repairing black hole

RISHI Sunak today vowed to patch up the black hole in the nation’s coffers without “immoral” borrowing so he can cut taxes.

In his first conference speech the Chancellor braced Brits for belt-tightening as he aimed to drag the country’s bank balance out of the red.


Rishi Sunak making his major conference speech in Manchester this morningCredit: Getty
Rishi Sunak with the PM in Manchester this morning


Rishi Sunak with the PM in Manchester this morningCredit: Reuters

After Boris Johnson announced controversial national insurance hikes Dishi Rishi served up some red meat to the assembled Tory faithful in Manchester.

He told a rammed room of rank-and-file members: “I want to cut taxes – but in order to do that our public finances must be put back on a sustainable footing.”

The Cabinet big beast hit back at accusations ministers had abandoned Conservative principles by hiking taxes to fund huge spending sprees.

Taking aim at Labour he said: “Whilst I know tax rises are unpopular – some will even say un-Conservative – I’ll tell you what is un-Conservative: unfunded pledges, reckless borrowing and soaring debt.”

In his major in-person speech:

  • Mr Sunak said he was “proud to back Brexit” and that the 2016 vote was about optimism
  • The Chancellor said Brits could learn some lessons from Silicon Valley techies
  • He said the Government was “determined” to tackle the supply crisis “head on”
  • He joked that people at conference had told him “you’re shorter in real life”


The spending regime breaks with 18 months of enormous splurging on pandemic packages such as furlough which blew a hole in the nation’s coffers.

Bringing down the house with a firm commitment to traditional Tory values, Mr Sunak said: “I believe in fiscal responsibility.

“Just borrowing more money and stacking up bills for future generations to pay is not just economically irresponsible – it is immoral.”

“Because it’s not the state’s money – it’s your money.”

Setting out the scale of the nation’s financial woes Mr Sunak reminded Brits that the national debt was sky high.


The Instagram-loving Chancellor also said Britain could learn lessons from Silicon Valley techies.

He said: “The years I spent in California left a lasting mark on me: working with some of the most innovative and exciting people in finance and technology.  

“Watching ideas becoming a reality, seeing entrepreneurs build new teams.
“It’s not just about money. I saw a culture, a mindset which was unafraid to challenge itself, reward hard work and was open to all those with the talent to achieve.”

Boris Johnson watches on as Sunak gives his speech


Boris Johnson watches on as Sunak gives his speechCredit: Getty
Rishi Sunak will vow to spend £500million to get Brits back into work

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