The Chancellor has addressed a virtual summit regarding the current state of play in respect of our money.

Rishi Sunak (pictured visiting Octopus energy with Boris Johnson this morning) mounted a staunch defence of his Eat Out subsidies after the PM admitted yesterday they might have contributed to the sharp rise in coronavirus cases
The Prime Minister and the Chancellor
Public sector borrowing has been soaring this year compared to last year - with tax revenues slumping and the IFS saying £70billion has been spent tackling the coronavirus crisis

It doesn’t take the brain of an Archbishop to realise that someone will have to start paying the cost of Covid 19, and that someone will be us…the working people.

I know that this will annoy some people, probably lots but it is against everything the Conservatives stand for as they are the party of low taxes and more money in your pocket, but these are exceptional times and he has done a marvellous but almost impossible job of trying to keep those in employment employed.

When the full effect of this pandemic took hold we sort of guessed then that it would be you and I who would have to pay for it, but whilst he does rise the taxes I hope he does the correct thing and give those in the NHS more money as they deserve it, and continue to do so. He must also make it clear that those who have worked in retail, and other occupations throughout the virus must be given a pay rise as it is only fair. I know that it is adding to the tax bill but we did not stand outside and clap for nothing. We must be seen to be grateful and if that costs us a few more pennies each month then it should be worth it.

I know the economy is hard pushed and there will be a lot of people losing their jobs and for that I am sorry but if we give the Chancellor the leeway to make the changes, and to get the economy back on its feet then surely we have a fighting chance.

Official figures for the fall in GDP during the three months to June have been revised down from 20.4 per cent to 19.8 per cent. However, the scale of the drop still makes it the biggestin modern history
Official figures for the fall in GDP during the three months to June have been revised down from 20.4 per cent to 19.8 per cent. However, the scale of the drop still makes it the biggest in modern history

The fall in GDP is lower than expected and that obviously gives us a little ray of hope, and I am confident with Rishi Sunak at the helm of the Exchequer that we can bounce back, but we must be prepared for the sacrifice as it is the only way to get people back into work.

We will protect the public finances. Over the medium term getting our borrowing and debt back under control,’ he said. ‘We have a sacred responsibility to future generations to leave the public finances strong, and through careful management of our economy, this Conservative government will always balance the books. ‘If instead we argue there is no limit on what we can spend, that we can simply borrow our way out of any hole, what is the point in us?’ 

I am thankful that it is Rushi Sunak who is in charge of the public purse rather than John McDonnell as the lord himself only knows what state our finances would be in, and it would be have been ghastly and the economy would have just slipped further and further down, and the employment continuing to rise. So, I am far more optimistic about our future with him in charge than anyone else.

We still need to go out and spend where possible to put money into the economy, and buy British…….

Mr Sunak said he felt ‘pain’ that he could not save every job affected by the devastating coronavirus crisis, but he said his ‘single priority’ will be to create opportunity – and insisted he is ready to be ‘pragmatic’ on new support packages if they are needed. ‘I have always said I couldn’t protect every job or every business. No chancellor could,’ Mr Sunak said and even though I have said it, the pain of knowing it, only grows with each passing day. ‘So, I am committing myself to a single priority – to create, support and extend opportunity to as many people as I can.

He has a hard job and it will be a thankless task as so many people will complain but he has given us the whole story and now we have to let him work his magic, and get the economy growing with our help.

It is a task I do not envy.