We are facing extraordinarily difficult economic times. Growth is stagnant and taxes are at their highest in 70 years.
Prices are rising in the aftermath of Covid and the brutal war Russia continues to wage in Ukraine. Putin is using gas supply as a weapon against all those nations, including the United Kingdom, who have stood up to this appalling aggression.
The impact on our cost of living is clear at the supermarket checkout, at the petrol pump and on our latest energy bills.
I know how hard it is for millions of Britons, and how grave concerns are about the consequences of today’s decision by Ofgem on the next energy price cap. The rest of Europe is facing the same challenge, which will loom large as winter sets in.
If I am elected leader of the Conservative Party and prime minister, I will take decisive action on entering No 10 to provide immediate support, but will also tackle the root causes of these issues so we are never again in this difficult position.
To those of you feeling the squeeze, my message is clear: I will ensure support is on its way and we get through these tough times. My immediate priority will be to put more money back in people’s pockets by cutting taxes, such as reversing the rise in national insurance.
I would also suspend the green levy on energy bills, bringing down average energy bills by £153. This will build on the work already underway, such as the Energy Bills Support Scheme, which will see a £400 discount paid to consumers from October, and the £1,200 package of support for the most vulnerable.
But that is just the start. I have a bold plan to grow the economy, which is the best tonic to deal with the cost of living and make sure we are solving these issues at source, not just throwing taxpayers’ hard-earned money at problems as a quick fix rather than an enduring solution.
If I am elected leader of the Conservative Party and prime minister, I will take decisive action on entering No 10 to provide immediate support
My clear and consistently Conservative plan will deliver fundamental reforms to strengthen our energy security, get our economy onto a high-growth footing and stave off the threat of a recession.
We know a recession would take a terrible toll on our country, and some say it is inevitable. But indulging the voices of decline will benefit no one.
Instead, I am determined to chart a confident course through this economic storm. I am ready to take the necessary decisions when in office in light of all the facts.
It isn’t right to announce my chancellor’s plan in August, before I have even won the leadership contest or seen all the analysis being prepared in Whitehall. Under my leadership, we will work flat out to deliver energy affordability and security.
I will always be honest with the public about the time it will take to put things right. But my administration will, from day one, focus relentlessly on people’s priorities – the things they need and care about and which make a real difference to their lives.
In a world where authoritarian regimes are willing to weaponise energy, we cannot afford to be held hostage. We do not rely on Russian gas, unlike our European allies, but no country is safe from malign efforts to push up energy prices.
My clear and consistently Conservative plan will deliver fundamental reforms to strengthen our energy security, get our economy onto a high-growth footing and stave off the threat of a recession
Energy security starts at home, which is why we must radically boost domestic supplies. The government I lead will seek to unleash more energy by maximising our North Sea oil and gas production.
We will not be swayed by short-sighted calls to hit these firms with a windfall tax, as that risks deterring investors and slowing our pursuit of energy independence.
We will end the effective ban on extracting our huge reserves of shale gas by fracking but be led by science, setting out a plan to ensure communities benefit. Fracking will take place only in areas with a clear public consensus behind it.
When autocrats like Putin are ready to exploit the free world’s reliance on fossil fuels, we need to embrace diverse sources of energy
When autocrats like Putin are ready to exploit the free world’s reliance on fossil fuels, we need to embrace diverse sources of energy. I will champion the UK’s world-leading technologies like nuclear alongside renewables such as wind and tidal.
We have huge potential to harness, whether it is through the small modular reactors made by Rolls-Royce in Derby or our nation having the largest offshore wind capacity in Europe – thanks to firms like ScottishPower.
This is why I believe our great country can become over the next decade an energysecure dynamo, which could be powering Europe as a net energy secure exporter.
I know the coming months will be hard, which is why we will take decisive action to grow our economy, cut taxes and fix the problems at the heart of this energy crunch at their source. By holding our nerve, we will deliver for the British people and come through the economic storm together.