Today's coverage was written by Thomas Mackintosh, Anna Boyd and Jack Burgess. It was edited by Marita Moloney and Andrew Humphrey.
What did we learn from Hunt's speech?
We'll be wrapping up our live coverage shortly, but before we go, here's what Jeremy Hunt said about the UK economy today:
The chancellor spoke about ambitions for the UK to be among the most prosperous in Europe during a speech outlining his plans to boost the economy
He remarked that the best tax cut he could give to families would be to halve inflation
Hunt wants the UK to be the world's next Silicon Valley and to use Brexit as a "catalyst" for bold choices
He also set out essential pillars for the UK to be a modern and innovative-led economy - including enterprise, education, employment and everywhere. He described these as "the four Es of economic growth"
Labour and the Lib Dems criticised the Tory chancellor saying he had "no plan" for the future
Hunt also dismissed earlier reports that HS2 would no longer reach central London - he said the government is committed to ensuring the high-speed project reaches Euston
He confirmed he has never had to pay a HMRC penalty as headlines continue to dominate the news about his colleague Nadhim Zahawi
Reality Check
How many people are out of work in the UK?
In his speech earlier, the chancellor
said: “Total employment is nearly 300,000 people lower than pre-pandemic, with
around one fifth of working-age adults economically inactive. Excluding
students that amounts to 6.6 million people.”
The Office for
National Statistics says that, of people out of work between the ages of
16 and 64, there are:
1.7 million people caring
for loved ones
2.4 million who are
considered long-term sick
1.1 million who have retired
1 million who say they are
between jobs
If you add these
together and include “discouraged workers”, who believe there is no work
available, and those who consider themselves temporarily ill, you arrive at the
figure of 6.6 million mentioned by Jeremy Hunt.
If you include students and people
looking for work, who are considered unemployed, there are around nine million
working age adults without jobs in the UK.
Hunt hopes to show new approach
Faisal Islam
Economics editor
The chancellor’s speech did not contain new policy, but he hopes it shows a new
approach.
He
thinks that in the sunlight industries the UK can use post-Brexit freedoms to
avoid mistakes in regulation in Europe and the US.
The government rejects the
idea that the UK needs to catch up with levels of state-directed funding
offered, for example, by US President Joe Biden’s Inflation Reduction Act. It is the US playing catch-up with the UK’s green leadership.
That
is not the perspective of increasingly vocal industry bodies. With this level
of ambition, however, industry will expect not just better regulation, but
further help with accessing workers, boosting research at universities, and
eventually tax.
Reality Check
Is the chancellor right about growth figures?
In his speech earlier, Jeremy Hunt claimed that "since
2010, the UK has grown faster than France, Japan and Italy. Not at the bottom,
but right in the middle of the pack”.
Figures from the international Organisation for Economic Cooperation and Development (OECD) show that from the first quarter of 2010 to the third quarter of 2022 (the most recent figures), the UK grew by 20.7%.
That does put it somewhere in the middle - in third position, behind US and Canada over this time period.
It is worth noting though that the OECD forecasts that the UK economy will contract by more than any other nation in the G7 group of advanced economies next year.
BBCCopyright: BBC
The chancellor also said: “Since the Brexit referendum, we have grown at about the same rate as Germany.”
That is also backed up by this set of figures.
Comparing quarterly growth from the second quarter of 2016 (the time of the referendum) to the third quarter of 2022, the UK and Germany’s economies grew at a similar rate, behind the US, Canada and France.
.Copyright: .
Chancellor says he has not paid a HMRC penalty
In earlier questions from the BBC's economic editor Faisal Islam, Jeremy Hunt confirmed that he has never paid a penalty to HMRC.
Hunt would not comment on an investigation by the prime minister's independent ethics adviser into Zahawi's taxes.
But when asked about his own tax affairs, Hunt says he has not paid a HMRC fine.
Essential that HS2 reaches central London, says business group
Reacting to the chancellor's comments on HS2, the head of the Federation of Small Businesses (FSB) says it is crucial that the line reaches central London.
Jeremy Hunt pledged that the new high speed rail line will connect to London Euston as originally planned, dismissing a report that the line
would end on the outskirts of the city to save money.
"As far as many of our members in the midlands are concerned, HS2 is an enormous boost to the prospects for the economy there," Martin McTague from the FSB told the BBC.
"It's part of the levelling up process and I think if it falls short in west London then that defeats many of the objectives of the line."
WATCH: Chancellor doubles down on government's commitment to HS2
More now from Jeremy Hunt's comments on HS2, where he dismissed reports that the project would no longer reach central London due to cost pressures.
The chancellor says he prioritised the scheme in his Autumn Statement, reiterating remarks he made in a speech earlier that he's proud the government ensured there's "shovels on the ground" now.
BreakingHunt: HS2 will go to central London
In the last few moments, Jeremy Hunt has reiterated that HS2 will go all the way to London Euston station as planned.
It follows reports that the high-speed rail line may no longer reach central London.
"I don't see any conceivable circumstance in which that would not end up at Euston," he says.
Hunt's speech cold comfort for families, say Lib Dems
Getty ImagesCopyright: Getty Images
We've also been getting reaction from the Lib Dems, with the party's Treasury spokeswoman Sarah Olney calling the government's economic record a "shambles".
"This
Conservative Party sounds like an unfaithful partner asking for yet another
chance - but after crashing the economy and sending mortgages sky-high, why
should we trust them again?" she says.
"Jeremy
Hunt's speech is cold comfort for families and pensioners facing unbearable
price rises.
"This government's economic record is nothing less than a shambles and the British
public will see right through this desperate attempt by yet another
Conservative chancellor to rewrite history."
The Tories have no plan, says Labour
Getty ImagesCopyright: Getty Images
Labour have been reacting to the Jeremy Hunt's speech, with shadow chancellor Rachel Reeves accusing the Conservative Party of having "no plan" for the future.
She says Labour’s "proper" plan for growth will "make our economy stronger to face up to the challenges".
“Thirteen years of Tory economic failure have left
living standards and growth on the floor, crashed our economy, and driven up
mortgages and bills," she says.
“The Tories have no plan for now, and no plan
for the future. It’s time for a Labour government that will build a better
Britain.”
Analysis
More than self-belief needed to grow economy
Dharshini David
Economics Correspondent
Hunt also spoke of drawing on Brexit freedoms - cutting EU red tape - to free up our potential.
But those that trade with the EU are facing more formalities, costs, because of Brexit.
And economists point to continued uncertainty over Brexit - for example, the rules surrounding Northern Ireland - as one factor stifling spending by business in skills, equipment, plants. Businesses won’t just invest more and take risks if they’re asked to.
Businesses would agree however, that persuading more people to work would help. But there was little practical detail - yet - on how the chancellor will entice those who have opted for early retirement, or find childcare costs prohibitive.
The chancellor was seeking to dispel criticism that he doesn’t have a long-term strategy. More optimism may help, but we’ll need more than self-belief for a more prosperous future.
Analysis
Hunt sets out his vision, but is there a blueprint?
Dharshini David
Economics Correspondent
Stop talking Britain down, says the chancellor - but his speech was
an admission that we can do better. After all, take away inflation, and many
people aren’t better off than a decade ago.
As he says, we’re not short of bright ideas - but the
challenge is how to turn “British genius” into higher incomes. His four "E’s" -
education, employment, enterprise and everywhere - is a vision few disagree
with, but we don’t yet have a blueprint to realise it.
The chancellor has signalled that, with public services under
pressure, tax cuts remain a way off.
Quickest tax cut for families is to halve inflation - Hunt
That's a wrap on Jeremy Hunt's appearance today, where he outlined his plans for the UK's economy.
Turning back briefly to an earlier part of his Q&A session, it's worth noting that the chancellor pointed at cutting inflation as being a priority for him and the government.
"The biggest and quickest tax cut that the prime minister and I can deliver for families up and down the country is to halve inflation," he said.
"That is eating away at people's pay packets, their spending power.
"We recognise that a low tax economy is one of the vital ingredients for dynamism, entrepreneurialism, to encourage people to take risks and that's why we want to do it when the time is right."
Chancellor outlines government's commitment to HS2
On the issue of the HS2 rail line, the chancellor says the government is "absolutely
committed to showing that we can deliver big important infrastructure projects" when asked about the project's future.
The Sun reports that rising inflation and
construction costs means HS2 trains may terminate in the suburbs of west London - instead of central London.
Hunt does not comment on the detail of the report and the
possibility that HS2 could be scaled back.
He says: "HS2 was a specific
priority for me in the Autumn Statement. I think it is a national embarrassment
that the Japanese opened their first high speed line between Tokyo and Osaka in
1974, or two years before I was born.
"And I am incredibly proud that under a Conservative
government for the first time we have shovels in the ground for the London to
Birmingham part of HS2 and we are absolutely committed to showing that we can
deliver big important infrastructure projects...I think they are
very important for levelling up."
Below is a reminder of what the HS2 route looks like between Birmingham and London - despite reports this morning that the Euston terminus may not go ahead as planned.
.Copyright: .
Hunt claims Brexit can be an 'incredible success'
The chancellor if next asked if he is being honest about the impact of Brexit on the UK's economy.
Hunt replies that there is some short-term disruption from Brexit but opportunities too.
He admits it has been a big change and had an effect on relationships with our European neighbours but says he believes Brexit can be an "incredible success."
Hunt won't talk about his own tax affairs
Hunt is asked whether he has ever paid a penalty to HMRC after the tax affairs of Tory Party chairman Nadhim Zahawi dominated headlines this week.
The chancellor says he won't talk about his personal tax affairs but quips that there wouldn't be "anything interesting to write about".
Why should voters believe he can fix 'declinism'?
Hunt is next asked about the declinism of Britain, which he said in his speech was "just wrong".
It is put to the chancellor that his speech suggests he doesn't acknowledge evidence of the UK's slow growth in comparison to other countries and is asked why voters would believe he can fix the economy.
The chancellor responds by saying his entire speech is about solving the UK's productivity problems.
He goes on to says his four pillars can address a sustained growth in people's incomes.
WATCH: 'Who needs politicians when you've got AI?' jokes Hunt
The chancellor opened his speech by suggesting ChatGPT - an AI bot - had helped him write his first few lines.
Hunt reflects on three months as chancellor
Hunt is now answering questions from the press, and he is first asked to reflect on his time as chancellor.
"I have learned a massive amount in three months," Hunt answers.
He notes that the most successful businesses tackle short-term problems but never allow it to deflect from a longer term vision.
He points to the long-term vision he has just outlined, reiterating the aim of becoming the world's next Silicon Valley.
Live Reporting
Edited by Marita Moloney and Andrew Humphrey
All times stated are UK
Get involved
-
The chancellor spoke about ambitions for the UK to be among the most prosperous in Europe during a speech outlining his plans to boost the economy
-
He remarked that the best tax cut he could give to families would be to halve inflation
-
Hunt wants the UK to be the world's next Silicon Valley and to use Brexit as a "catalyst" for bold choices
-
He also set out essential pillars for the UK to be a modern and innovative-led economy - including enterprise, education, employment and everywhere. He described these as "the four Es of economic growth"
-
Labour and the Lib Dems criticised the Tory chancellor saying he had "no plan" for the future
-
Hunt also dismissed earlier reports that HS2 would no longer reach central London - he said the government is committed to ensuring the high-speed project reaches Euston
-
He confirmed he has never had to pay a HMRC penalty as headlines continue to dominate the news about his colleague Nadhim Zahawi
-
1.7 million people caring
for loved ones
-
2.4 million who are
considered long-term sick
-
1.1 million who have retired
-
1 million who say they are
between jobs
BBCCopyright: BBC .Copyright: . Getty ImagesCopyright: Getty Images Getty ImagesCopyright: Getty Images Analysis Analysis .Copyright: .
Latest PostThanks for joining us
We're bringing our live page on Jeremy Hunt's speech to a close now, but you can read more about what he said about the economy here, as well as his comments on HS2 here.
Today's coverage was written by Thomas Mackintosh, Anna Boyd and Jack Burgess. It was edited by Marita Moloney and Andrew Humphrey.
What did we learn from Hunt's speech?
We'll be wrapping up our live coverage shortly, but before we go, here's what Jeremy Hunt said about the UK economy today:
Reality Check
How many people are out of work in the UK?
In his speech earlier, the chancellor said: “Total employment is nearly 300,000 people lower than pre-pandemic, with around one fifth of working-age adults economically inactive. Excluding students that amounts to 6.6 million people.”
The Office for National Statistics says that, of people out of work between the ages of 16 and 64, there are:
If you add these together and include “discouraged workers”, who believe there is no work available, and those who consider themselves temporarily ill, you arrive at the figure of 6.6 million mentioned by Jeremy Hunt.
If you include students and people looking for work, who are considered unemployed, there are around nine million working age adults without jobs in the UK.
Hunt hopes to show new approach
Faisal Islam
Economics editor
The chancellor’s speech did not contain new policy, but he hopes it shows a new approach.
He thinks that in the sunlight industries the UK can use post-Brexit freedoms to avoid mistakes in regulation in Europe and the US.
The government rejects the idea that the UK needs to catch up with levels of state-directed funding offered, for example, by US President Joe Biden’s Inflation Reduction Act. It is the US playing catch-up with the UK’s green leadership.
That is not the perspective of increasingly vocal industry bodies. With this level of ambition, however, industry will expect not just better regulation, but further help with accessing workers, boosting research at universities, and eventually tax.
Reality Check
Is the chancellor right about growth figures?
In his speech earlier, Jeremy Hunt claimed that "since 2010, the UK has grown faster than France, Japan and Italy. Not at the bottom, but right in the middle of the pack”.
Figures from the international Organisation for Economic Cooperation and Development (OECD) show that from the first quarter of 2010 to the third quarter of 2022 (the most recent figures), the UK grew by 20.7%.
That does put it somewhere in the middle - in third position, behind US and Canada over this time period.
It is worth noting though that the OECD forecasts that the UK economy will contract by more than any other nation in the G7 group of advanced economies next year.
The chancellor also said: “Since the Brexit referendum, we have grown at about the same rate as Germany.”
That is also backed up by this set of figures.
Comparing quarterly growth from the second quarter of 2016 (the time of the referendum) to the third quarter of 2022, the UK and Germany’s economies grew at a similar rate, behind the US, Canada and France.
Chancellor says he has not paid a HMRC penalty
In earlier questions from the BBC's economic editor Faisal Islam, Jeremy Hunt confirmed that he has never paid a penalty to HMRC.
It comes after a week of headlines surrounding the tax affairs of his colleague, Tory Party chairman Nadhim Zahawi.
Hunt would not comment on an investigation by the prime minister's independent ethics adviser into Zahawi's taxes.
But when asked about his own tax affairs, Hunt says he has not paid a HMRC fine.
Essential that HS2 reaches central London, says business group
Reacting to the chancellor's comments on HS2, the head of the Federation of Small Businesses (FSB) says it is crucial that the line reaches central London.
Jeremy Hunt pledged that the new high speed rail line will connect to London Euston as originally planned, dismissing a report that the line would end on the outskirts of the city to save money.
"As far as many of our members in the midlands are concerned, HS2 is an enormous boost to the prospects for the economy there," Martin McTague from the FSB told the BBC.
"It's part of the levelling up process and I think if it falls short in west London then that defeats many of the objectives of the line."
WATCH: Chancellor doubles down on government's commitment to HS2
More now from Jeremy Hunt's comments on HS2, where he dismissed reports that the project would no longer reach central London due to cost pressures.
The chancellor says he prioritised the scheme in his Autumn Statement, reiterating remarks he made in a speech earlier that he's proud the government ensured there's "shovels on the ground" now.
BreakingHunt: HS2 will go to central London
In the last few moments, Jeremy Hunt has reiterated that HS2 will go all the way to London Euston station as planned.
It follows reports that the high-speed rail line may no longer reach central London.
"I don't see any conceivable circumstance in which that would not end up at Euston," he says.
Hunt's speech cold comfort for families, say Lib Dems
We've also been getting reaction from the Lib Dems, with the party's Treasury spokeswoman Sarah Olney calling the government's economic record a "shambles".
"This Conservative Party sounds like an unfaithful partner asking for yet another chance - but after crashing the economy and sending mortgages sky-high, why should we trust them again?" she says.
"Jeremy Hunt's speech is cold comfort for families and pensioners facing unbearable price rises.
"This government's economic record is nothing less than a shambles and the British public will see right through this desperate attempt by yet another Conservative chancellor to rewrite history."
The Tories have no plan, says Labour
Labour have been reacting to the Jeremy Hunt's speech, with shadow chancellor Rachel Reeves accusing the Conservative Party of having "no plan" for the future.
She says Labour’s "proper" plan for growth will "make our economy stronger to face up to the challenges".
“Thirteen years of Tory economic failure have left living standards and growth on the floor, crashed our economy, and driven up mortgages and bills," she says.
“The Tories have no plan for now, and no plan for the future. It’s time for a Labour government that will build a better Britain.”
More than self-belief needed to grow economy
Dharshini David
Economics Correspondent
Hunt also spoke of drawing on Brexit freedoms - cutting EU red tape - to free up our potential.
But those that trade with the EU are facing more formalities, costs, because of Brexit.
And economists point to continued uncertainty over Brexit - for example, the rules surrounding Northern Ireland - as one factor stifling spending by business in skills, equipment, plants. Businesses won’t just invest more and take risks if they’re asked to.
Businesses would agree however, that persuading more people to work would help. But there was little practical detail - yet - on how the chancellor will entice those who have opted for early retirement, or find childcare costs prohibitive.
The chancellor was seeking to dispel criticism that he doesn’t have a long-term strategy. More optimism may help, but we’ll need more than self-belief for a more prosperous future.
Hunt sets out his vision, but is there a blueprint?
Dharshini David
Economics Correspondent
Stop talking Britain down, says the chancellor - but his speech was an admission that we can do better. After all, take away inflation, and many people aren’t better off than a decade ago.
As he says, we’re not short of bright ideas - but the challenge is how to turn “British genius” into higher incomes. His four "E’s" - education, employment, enterprise and everywhere - is a vision few disagree with, but we don’t yet have a blueprint to realise it.
The chancellor has signalled that, with public services under pressure, tax cuts remain a way off.
Quickest tax cut for families is to halve inflation - Hunt
That's a wrap on Jeremy Hunt's appearance today, where he outlined his plans for the UK's economy.
Turning back briefly to an earlier part of his Q&A session, it's worth noting that the chancellor pointed at cutting inflation as being a priority for him and the government.
"The biggest and quickest tax cut that the prime minister and I can deliver for families up and down the country is to halve inflation," he said.
"That is eating away at people's pay packets, their spending power.
"We recognise that a low tax economy is one of the vital ingredients for dynamism, entrepreneurialism, to encourage people to take risks and that's why we want to do it when the time is right."
Chancellor outlines government's commitment to HS2
On the issue of the HS2 rail line, the chancellor says the government is "absolutely committed to showing that we can deliver big important infrastructure projects" when asked about the project's future.
The Sun reports that rising inflation and construction costs means HS2 trains may terminate in the suburbs of west London - instead of central London.
Hunt does not comment on the detail of the report and the possibility that HS2 could be scaled back.
He says: "HS2 was a specific priority for me in the Autumn Statement. I think it is a national embarrassment that the Japanese opened their first high speed line between Tokyo and Osaka in 1974, or two years before I was born.
"And I am incredibly proud that under a Conservative government for the first time we have shovels in the ground for the London to Birmingham part of HS2 and we are absolutely committed to showing that we can deliver big important infrastructure projects...I think they are very important for levelling up."
Below is a reminder of what the HS2 route looks like between Birmingham and London - despite reports this morning that the Euston terminus may not go ahead as planned.
Hunt claims Brexit can be an 'incredible success'
The chancellor if next asked if he is being honest about the impact of Brexit on the UK's economy.
Hunt replies that there is some short-term disruption from Brexit but opportunities too.
He admits it has been a big change and had an effect on relationships with our European neighbours but says he believes Brexit can be an "incredible success."
Hunt won't talk about his own tax affairs
Hunt is asked whether he has ever paid a penalty to HMRC after the tax affairs of Tory Party chairman Nadhim Zahawi dominated headlines this week.
The chancellor says he won't talk about his personal tax affairs but quips that there wouldn't be "anything interesting to write about".
Why should voters believe he can fix 'declinism'?
Hunt is next asked about the declinism of Britain, which he said in his speech was "just wrong".
It is put to the chancellor that his speech suggests he doesn't acknowledge evidence of the UK's slow growth in comparison to other countries and is asked why voters would believe he can fix the economy.
The chancellor responds by saying his entire speech is about solving the UK's productivity problems.
He goes on to says his four pillars can address a sustained growth in people's incomes.
WATCH: 'Who needs politicians when you've got AI?' jokes Hunt
The chancellor opened his speech by suggesting ChatGPT - an AI bot - had helped him write his first few lines.
Hunt reflects on three months as chancellor
Hunt is now answering questions from the press, and he is first asked to reflect on his time as chancellor.
"I have learned a massive amount in three months," Hunt answers.
He notes that the most successful businesses tackle short-term problems but never allow it to deflect from a longer term vision.
He points to the long-term vision he has just outlined, reiterating the aim of becoming the world's next Silicon Valley.