Keynote speech by Lucy Frazer MP, Financial Secretary to the Treasury
Keynote speech by Lucy Frazer MP, Financial Secretary to the Treasury, at a Bright Blue conference on Tax Reform in the 2020s.
I바카라 사이트檇 like to start by saying a huge thank you to Ryan Shorthouse and to Bright Blue for the invitation to speak at today바카라 사이트檚 event바카라 사이트� which is a really important opportunity to reflect on the future of tax바카라 사이트� the what, the how and the why바카라 사이트�
And I want to congratulate Bright Blue for the pioneering work you바카라 사이트檝e been doing.
Stanley Baldwin, one of my predecessors as Financial Secretary to the Treasury, said: 바카라 사이트淚 am not struck so much by the diversity of testimony바카라 사이트� as by the many-sidedness of truth.바카라 사이트�
The point being, I think, that we can all disagree with each other바카라 사이트� and, at the same time, all be right.
Which is why it makes such good sense for Bright Blue to have assembled such an impressive team of cross-party thinkers as part of your independent Tax Commission.
The way we tax 바카라 사이트� the integrity of the tax system 바카라 사이트� fundamentally reflects the nature of a society.
Because a successful tax system relies on trust.
Trust, that we will set the right rates, trust that others will pay it and trust that as a government we will spend our revenues well.
Which is another reason why we must get it right.
In the next 25 minutes or so I want to make my contribution to the various ongoing debates around taxation바카라 사이트� and explore some ideas around what a tax system is meant to do, and ways that we can achieve that.
And I바카라 사이트檓 going to focus on things like fairness, the tax gap, the size of the state, supporting enterprise, skills and R&D, modernisation, and, finally, on honesty바카라 사이트�
바카라 사이트n particular the notion that government has a responsibility to be honest with the public about taxes바카라 사이트� and to tell it like it is.
There바카라 사이트檚 a widely held 바카라 사이트� and possibly understandable view 바카라 사이트� that tax is somehow only about taking.
But really it바카라 사이트檚 about spreading possibility.
It바카라 사이트檚 about the public trusting the government they elect to spend and invest on their behalf바카라 사이트� for the common good.
And, sitting where I sit, it바카라 사이트檚 hard to think of many bigger responsibilities than that.
Wider background
I바카라 사이트檓 going to start with some context.
There바카라 사이트檚 no need for me to revisit the circumstances or details of the pandemic, other than to thank staff at HMRC for their heroic efforts during the last two years.
The 바카라 사이트 has now turned its attention to economic recovery and renewal and is expanding its crucial efforts on initiatives such as levelling up.
Of course, we now face a new global threat, in the shape of Russia바카라 사이트檚 unprovoked and premeditated assault on Ukraine.
You will know we have delivered the largest package of sanctions in our history and unprecedented measures to isolate the Russian financial system for years to come.
And I am proud that as Financial Secretary I have been able to play a minor part바카라 사이트y withdrawing our cooperation with Russia on sharing tax information바카라 사이트�
바카라 사이트y announcing our intention to delist the Moscow stock exchange and by making it easier for those who want to help send humanitarian aid through customs to Ukraine.
Turning now to the domestic picture, we바카라 사이트檙e acutely sensitive of the cost of living challenge.
But we will also continue to take our economic and fiscal responsibilities extremely seriously:
At the time of the Spring Statement, the Office for Budget Responsibility had forecast growth this year of 3.8%.
It expects this to be followed by 1.8% in 2023, and 2.1%, 1.8% and 1.7% in the three years after that.
Meanwhile disruptions to global supply chains and energy markets, combined with the economic response to the invasion of Ukraine, mean that the OBR expects inflation to rise to an average of 7.4% this year, peaking at 8.7% in Q4, before falling back below the MPC바카라 사이트檚 2% target in 2024 and 2025.
Debt is set to pass 拢2.3 trillion, reaching 95.6% of GDP바카라 사이트� while this financial year we바카라 사이트檙e forecast to spend 拢83 billion on debt interest 바카라 사이트� the highest on record 바카라 사이트� and a powerful argument for getting the debt down in the coming years
All in all, that makes for challenging times바카라 사이트� and has important implications for future taxation.
The state of taxation
When it comes to the realities of the current tax burden there are some commonly held truths바카라 사이트� but some widely held misperceptions too.
For instance, it is indeed high.바카라 사이트�
But I want to put paid to the notion that the burden in this country is greater than that of our peers.
Because it바카라 사이트檚 not. In fact, we are likely to continue to maintain our place more or less in the middle of the G7바카라 사이트�. with a tax rate lower than Germany, lower than Italy and lower than France.
The tax burden on individuals specifically, is actually forecast to be the lowest in the G7바카라 사이트� a result of generous allowances on income tax and relatively moderate rates for both income tax and national insurance contributions.
We have a highly progressive tax system.
The top one per cent of Income Taxpayers are projected to have contributed 28 per cent of all Income Tax in 2021-22, up from 25% a decade earlier.
And the top five per cent paid nearly 50 per cent of all income tax, up from 43 per cent over the same timeframe.
Next steps
Having said that, our goal as a government is both to reform and reduce taxes.
The Spring Statement set out the 바카라 사이트바카라 사이트檚 tax plan, which includes three key priorities:
First, we바카라 사이트檙e acting now to help families with the cost of living.
Second, we바카라 사이트檙e cutting and reforming taxes in three key areas 바카라 사이트� Capital, People and Ideas 바카라 사이트� to create the conditions for private sector-led growth.
And third, we바카라 사이트檙e sharing the proceeds of growth fairly through cuts to personal taxes바카라 사이트etting people keep more of what they earn.
My belief, pure and simple, is in the greatest practical market freedom바카라 사이트� within an overall framework of financial discipline.
That doesn바카라 사이트檛, by the way, mean that we can바카라 사이트檛 or won바카라 사이트檛 step in when we need to.
A clear example is the roughly 拢400 billion we spent to support households and businesses during the pandemic, protecting jobs and livelihoods the length and breadth of the country.
The right principles
That바카라 사이트檚 a survey of the economic and policy context.
But I want to get onto some of the big ideas which underpin discussions around taxation바카라 사이트� the first of which is fairness. Something which I know Bright Blue바카라 사이트檚 vision for tax reform also talks about.
I바카라 사이트檇 argue that businesses often demonstrate fairness바카라 사이트� and that바카라 사이트檚 what we바카라 사이트檝e seen both when multinationals have shut down operations in Russia, and when companies have repaid money they received from the furlough scheme.
And fairness is something, as individual human beings, that we feel very intuitively.
In his book 바카라 사이트楳orality바카라 사이트�, the late Rabbi Lord Jonathan Sacks recounts a psychology experiment in which four players, unknown to each other, are each given $20.
Players secretly put however much money they want into a central kitty.
The total 바카라 사이트� all the money from the four players 바카라 사이트� is doubled, then shared equally between them.
What that means in reality is that it pays to let other people contribute while you hold back바카라 사이트� because you get a quarter of the doubled kitty, on top of the money already in your hand.
That바카라 사이트檚 still the case even if you sit there with your arms crossed and do nothing.
And so slowly, one by one, that바카라 사이트檚 what happens, in part because people바카라 사이트檚 sense of fairness is offended.
Realising that they바카라 사이트檙e being taken advantage of, eventually no-one contributes anything anymore. That is the case even though contributing benefits everyone바카라 사이트� because the total pot increases.
As Lord Rabbi Sacks puts it: 바카라 사이트楾here is now no common good, only individual private goods and people give up their potential gains because their sense of justice is outraged.
That experiment has been replicated in lots of different settings바카라 사이트� including with teenagers바카라 사이트� and it highlights the existence of this innate sense of fairness we seem to be born with.
What does that mean for the way we tax?
Well, quite simply, for me it means that taxes need to be fair 바카라 사이트� and they need to be seen to be fair.
We바카라 사이트檙e all basically happy to give something up for the greater, communal good바카라 사이트� for instance, by helping to fund state healthcare or education바카라 사이트� but there바카라 사이트檚 a limit to what people are willing to pay, and they adjust their behaviour accordingly.
Linked to that are discussions around the Laffer Curve, and the notion that tax cuts can pay for themselves바카라 사이트� partly because people are more inclined to pay their taxes, and partly because greater growth as a result of lower taxes more than compensates for the lost revenue.
I recognise there바카라 사이트檚 a lot of debate about where we sit on the Laffer Curve. And
I notice for instance, that Stuart Adam of the IFS recently told the Treasury Select Committee that 바카라 사이트榯he Laffer Curve is a real thing바카라 사이트t exists but that 바카라 사이트檛he shape of the Laffer Curve, and the peak of where the Laffer Curve is, will be different for every bit of every tax and in every different circumstance바카라 사이트�.
The point is that it deserves our scrutiny and our consideration and should absolutely be a part of the debate.
The Tax Gap
The flip side of any discussion of fairness is the tax gap 바카라 사이트� HMRC바카라 사이트檚 estimate of the difference between the taxes that are owed and that are actually paid.
In the UK, the tax gap was around 拢35 billion in 2019-20, equivalent to 5.2% of theoretical tax liabilities.
The good news is, that that바카라 사이트檚 part of a long-term downward trend, falling from 7.5% in 2005-06바카라 사이트� the result of government efforts to tackle tax evaders, and to help people to get their tax right by promoting good compliance and reducing the opportunities for error.
In fact, in little more than a decade we바카라 사이트檝e introduced over 150 measures to tackle tax avoidance, evasion and other forms of non-compliance.
And those measures, alongside HMRC바카라 사이트檚 wider work, have secured and protected over 拢250 billion for public services since 2010.
But the gap is still too wide바카라 사이트� because it represents money owed to the Exchequer which could otherwise be available to spend on frontline public services and next-generation infrastructure.
We바카라 사이트檙e not at all complacent about this. Since last year we바카라 사이트檝e introduced an additional 20 measures to tackle tax avoidance, evasion and non-compliance 바카라 사이트� forecast to raise an estimated 拢6.3 billion over the next 5 years.
These include implementing Making Tax Digital, our reimagining of the way businesses keep their records and submit their tax returns.
We바카라 사이트檙e also focused on delivering a trusted, modern, digital tax administration system for businesses and their agents to help them get their tax right the first time.
And, at last year바카라 사이트檚 Spending Review we provided almost 拢300 million for HMRC to invest in additional support across all forms of compliance activity.
This is all important바카라 사이트� because again it바카라 사이트檚 about fairness바카라 사이트� so we won바카라 사이트檛 take our foot off the accelerator.
Another more nuanced aspect of 바카라 사이트榝airness바카라 사이트� is the role taxation can play in wider societal issues, for instance, in helping us bring down carbon emissions as part of efforts to tackle climate change.
The 바카라 사이트 is committed to carbon pricing as one of the most efficient tools for decarbonisation바카라 사이트� and it바카라 사이트檚 clearly going to play a key role in helping us get to Net Zero.
Carbon pricing 바카라 사이트� or in other words applying a cost to carbon emissions to encourage polluters to reduce the amount of greenhouse emissions they produce 바카라 사이트� is 바카라 사이트榝air바카라 사이트� because it makes sure that polluters pay.
In addition, it provides funds that 바카라 사이트 can deploy on other priorities 바카라 사이트� including environmental objectives.
The problem is that different ambition in different countries creates space for the risk of 바카라 사이트榗arbon leakage바카라 사이트�. This means that the carbon our policies are designed to stop ends up being emitted if an activity is displaced to a country with a less ambitious climate policy.
The best and fairest way to address carbon leakage would be for all countries to move in lockstep바카라 사이트� and we바카라 사이트檒l continue pushing for a common global approach.
In the meantime, we will need to continue to look at ways that we can protect the UK from carbon leakage and level the playing field for UK businesses, while continuing to make progress towards our Net Zero targets.
The size of the state
So that바카라 사이트檚 fairness바카라 사이트� a complex but crucial concept in taxation.
The second key issue I want to address in considering how to think about taxation is the size of the state.
It has been said that 바카라 사이트榳hen the state owns, nobody owns, and when nobody owns, nobody cares바카라 사이트�바카라 사이트�.
Quite simply, an overly large state which does everything takes away the responsibility of others. It takes away the responsibility of communities, families and schools to society as a whole.
The nub of it, I think, is that the state needs to understand its limits. Which isn바카라 사이트檛 a particularly surprising thing for a conservative minister to say, but I still think it바카라 사이트檚 worth making the point.
Circumstances have rightly required the 바카라 사이트 to take on massive responsibilities over the last two years. But we need to get back to normal as soon as we reasonably and responsibly can.
To draw a historical parallel, debt peaked at 270% of GDP after the Second World War following massive fiscal expansion to support the war effort.
However, it was then gradually and consistently reduced until 바카라 사이트� significantly helped by growth in GDP itself 바카라 사이트� it fell below 40% at the beginning of the 1980s and didn바카라 사이트檛 exceed that level again until the Global Financial Crisis.
There바카라 사이트檚 a natural tension here. Particularly for a government which has borrowed significantly to help households and businesses through the pandemic.
It바카라 사이트檚 not my job to decide how much we spend as a government. But we can all reasonably ask where the limit of public spending should lie 바카라 사이트� not least because of its implications for taxation.
More state is not the answer.
As one of my Treasury colleagues, the Chief Secretary, told the Institute of Economic Affairs a few weeks ago: Last Autumn바카라 사이트檚 Spending Review marks the limit of fiscal expansion바카라 사이트� the high-water mark in our commitment to honour what we set out in the manifesto바카라 사이트� and not a point from which anyone should expect us to go further.
Crucially, government spending affects the rate of inflation바카라 사이트� and that must be part of our calculation going forward.
Growth and Enterprise
The truth is that economic success comes from people and businesses. We believe it바카라 사이트檚 our job as a government to create the conditions for that.
So that is the third major issue I want to explore.
It바카라 사이트檚 clear that economic success requires a competitive and stable tax system which provides business with the confidence to invest and expand.
This is a principle that바카라 사이트檚 at the heart of the Chancellor바카라 사이트檚 tax plan.
And I know that Bright Blue바카라 사이트檚 report contains ideas about how to harness the tax system to boost businesses.
We also think there바카라 사이트檚 value, for instance, in providing clarity and certainty over the long-term. In fact, the longer the better.
In particular, the 바카라 사이트 is committed to boosting productivity and growth by creating the conditions for the private sector to invest more, train more and innovate more 바카라 사이트� fostering a new culture of enterprise around capital, people and ideas.
And here, too, taxation has a role to play.
Investment is a key driver of productivity growth.
By adding to the economy바카라 사이트檚 capital stock and improving the skills of the workforce, the economy can produce more with the same input from workers.
The problem is that business investment has been a long-standing weakness in the UK. In 2019, business investment accounted for 10% of our GDP, compared with 14% on average across the OECD.
We introduced the Super Deduction in 2021 바카라 사이트� the biggest two-year business tax cut in modern British history 바카라 사이트� to encourage firms to invest in productivity-enhancing assets that will help them grow.
Already we바카라 사이트檙e seeing companies benefitting.
Take Blackrow Engineering in Grimsby, which has spent 拢1.6 million over the last 18 months updating its workshops, plant and equipment, after making use of the Super Deduction.
This investment has allowed Blackrow to expand into new areas, resulting in a 40% increase in turnover and creating 73 new jobs 바카라 사이트� a great example of how the Super Deduction is not just supporting companies, it바카라 사이트檚 helping to build more prosperous communities too.
And we are going to build on this momentum by cutting and reforming taxes on business investment.
Our challenge now is to find the most effective way to reduce taxes on investment while ensuring value for the taxpayer.
You might have seen how at the Spring Statement, the 바카라 사이트 set out some illustrative options for the post-super deduction capital allowances regime.
And ahead of the Autumn Budget, we바카라 사이트檒l continue to look at the evidence 바카라 사이트� including the impact of the super-deduction 바카라 사이트� and of course, we will continue to garner the views of businesses themselves.
Skills
As I mentioned earlier, people are central to achieving this new culture of enterprise.
For me, that means skills, and what we can do to boost them.
Because 바카라 사이트� no apologies here 바카라 사이트� I believe that skills are the answer to many of the challenges we face as a country.
Improving peoples바카라 사이트� skills is not just good for the economy.
It is necessary for society.
As prisons minister I saw people going through a revolving door of incarceration;
Some 80% of offenders cautioned or convicted in 2020 had at least one previous caution or conviction.
While over 50% of prisoners are assessed on entry as having the maths and English levels of an 11-year old or an even younger child and may find it challenging to get a job on release.
In fact, we know that employment reduces the chance of reoffending significantly, by up to 9 percentage points.
I was very struck when I met John in a prison on one of my last visits. He was coming to the end of his sentence for fraud.
He told me that like him, his father had been in and out of prison, as his grandfather had too.
But this time John was not leaving prison empty handed. He was leaving with a degree from the Open University and told me his aim was to set up his own business and be a role model to his kids.
So, educating people and upskilling them is not just about bringing in more tax revenues, it can also be about giving people a lifeline.
I want to make a broader point on skills too. We have a very high proportion of university graduates 바카라 사이트� 10 percent higher than the OECD average.
But we lag behind international peers on many other scales.
9 million adults in England have low basic literacy and/or numeracy skills.
Just 18% of 25-64 year-olds hold vocational qualifications, a third lower than across the OECD.
UK businesses spend on average the equivalent of 鈧�293 per employee on training, around half the EU average.
There are also significant regional differences. The North East, North West, Yorkshire and the Humber, as well as the East and West Midlands are all behind London and the South East in terms of the percentage of 19-year-olds who attain Level 2 and 3 qualifications.
None of that is good enough.
Which is why the 바카라 사이트 is investing a total, over the Parliament, of 拢3.8 billion in skills by 2024-25, equivalent to a cash increase of 42% (26% in real terms) compared to 2019-20.
But this isn바카라 사이트檛 just about money. It바카라 사이트檚 about identifying the right people for the right jobs in the right places바카라 사이트� and then training them up.
Importantly, we need to be doing that in partnership with the private sector. Not least because many of the people we want to support are already working. And because the private sector is the best judge of where the jobs and skills of tomorrow lie.
We바카라 사이트檙e considering whether further intervention is needed to encourage employers to offer the high-quality employee training the UK needs바카라 사이트� examining whether the current tax system 바카라 사이트� including the operation of the Apprenticeship Levy 바카라 사이트� is doing enough to incentivise businesses to invest in the right kinds of training.
The truth is that not enough companies are taking full advantage of the Levy.
So, we바카라 사이트檙e helping companies to not only invest in apprenticeships across their own workforce but to also transfer levy funds to support other smaller firms, benefitting local areas and the wider economy.
It바카라 사이트檚 been brilliant to see examples of levy transfers going to schools and further education colleges, too바카라 사이트upporting training for teachers and teaching assistants but also STEM apprenticeships.
I think that if businesses could then build relationships with the schools they sponsor, creating links between teachers and industry, students with work experience, and young people with business mentors바카라 사이트�.
바카라 사이트e would see even more students leaving school with the mix of skills and ambitions that would enable them and their local areas to flourish.
We바카라 사이트檙e taking a similar approach 바카라 사이트� combining creativity with common sense 바카라 사이트� to skills boots camps바카라 사이트mployer-led flexible training courses, lasting 12-16 weeks in high growth sectors.
Around 16,000 bootcamps are being delivered this year바카라 사이트� over half of them in digital skills such as cybersecurity, web development, cloud computing, coding and AI.
Initial evaluation has shown that over half of participants move into higher paid employment after completing a bootcamp.
So clearly this is a big success story. But we바카라 사이트檙e not stopping here.
Recognising the shortage of lorry drivers, this year we also announced 拢17 million to deliver 5,000 skills bootcamps in HGV training.
And we바카라 사이트檝e now committed to quadrupling the current annual scale of bootcamps and we바카라 사이트檙e planning on rolling them out to a wider range of sectors.
Research & Development
Of course, if we are to build a culture of enterprise, as well as people and skills, we also need ideas바카라 사이트� and that again brings me back to taxation.
Investment in R&D is vital for increasing productivity and promoting growth.
It also offers new opportunities to boost UK firms바카라 사이트� competitiveness and create transformative technologies바카라 사이트� which, again, could help us to address societal challenges ranging from climate change to better health outcomes.
Looking ahead, the 바카라 사이트 has an ambitious target to raise total investment in R&D to 2.4% of UK GDP by 2027.
We바카라 사이트檝e already set out a series of initial measures to reform the R&D tax relief system바카라 사이트� including the expansion of qualifying expenditures to cover data and cloud computing costs, as well as refocusing R&D relief on activity carried out in the UK.
And we바카라 사이트檙e reviewing R&D tax reliefs further 바카라 사이트� to ensure, among other things, that the UK remains a competitive location for world-class research 바카라 사이트� and we expect to announce our next steps in the Autumn
Because, again and again, companies tell us that reliefs are a critical enabler of their R&D, improving their cash flow and enabling them to reinvest more in developing new ideas each year.
A changing economy
You바카라 사이트檝e probably noticed that I haven바카라 사이트檛 yet mentioned: our departure from the European Union.
Now that we바카라 사이트檝e left the EU, it makes sense to make the most of our newfound freedoms.
At the Spring Statement we took a major step forward, when the Chancellor announced that we바카라 사이트檙e reversing a ruling by the EU to charge VAT on energy saving materials.
Separately, the Brexit Freedoms Bill, due to come before parliament later this year, is another important milestone.
It will end the special status of EU law in our legal framework, giving the UK the freedom to more easily amend or remove outdated EU law 바카라 사이트� removing 拢1 billion of red-tape for business and improving regulation.
So, there바카라 사이트檚 a real opportunity here.
I바카라 사이트檓 going to continue to work closely with the Chancellor and my colleagues across government to explore where reforms바카라 사이트imilar to the overhaul of alcohol duty we made at the last Budget, will take place. And this, of course, will follow consultation with the private sector.
Brexit means we also have a chance to ask ourselves questions about the balance of our economy바카라 사이트� about the ratio of goods to services, and whether we should be focusing, for instance, on hi-tech, mid-tech or low tech. This is a question of particular relevance to the area I represent in Cambridgeshire, home to massive British success stories like ARM.
There has been a shift away from goods towards services. Between 1997 and 2019, the service sector expanded from 73% of GDP to 80%, while the manufacturing sector shrank from 17% of GDP to just under 10%.
Technological change, the imperative to achieve net zero and shifts in trading patterns could all continue to reshape the economy in the coming years바카라 사이트� and we must be ready.
Modernisation
And that leads me on to the final issue I want to touch on 바카라 사이트� one that sits bang in the middle of my portfolio as Financial Secretary: modernisation of the tax system.
I spoke briefly, at the beginning of my remarks, about trust, and the need to constantly earn that trust.
What the people and businesses need 바카라 사이트� what they deserve 바카라 사이트� is a tax system that is fair, transparent, flexible, resilient and modern. A system that they can trust바카라 사이트� in every way.
We바카라 사이트檝e already taken some big steps forward.
In July 2020, as many of you know, we published our strategy to reinvigorate the tax administration system. That of course includes the need to fully embrace digital technologies.
That document also outlined our plans to harness technology to deliver a fully digital tax system that operates closer to real time, makes it easier for businesses and individuals to get their tax right, and builds trust by operating in a fair and even-handed way.
Looking forward, there바카라 사이트檚 the Single Customer Account that HMRC are developing바카라 사이트� a single point through which taxpayers can access and interact with HMRC online.
Over time, as its name suggests, this initiative will integrate our existing digital accounts into one바카라 사이트� bringing together taxpayers바카라 사이트� affairs and services online 바카라 사이트� and through mobile devices 바카라 사이트� in one secure place.
By modernising paper and telephone-based processes, the account will make it easier for taxpayers to access HMRC, subscribe to digital services, communicate through tools such as web chat, and receive prompts and support to help them get their taxes right first time.
Also central to our strategy is 바카라 사이트楳aking Tax Digital바카라 사이트� 바카라 사이트� which I touched on earlier.
MTD is designed to reduce taxpayer mistakes, and therefore the Exchequer losses resulting from them바카라 사이트ut it also acts as a catalyst for businesses to become more digital.
The first stage of Making Tax Digital 바카라 사이트� which focused on VAT 바카라 사이트� launched in April 2019. As of this month, we바카라 사이트檝e extended MTD to all VAT registered businesses.
We바카라 사이트檙e also keen to make progress on making Income Tax digital 바카라 사이트� which will come into force for landlords and sole traders with income over 拢10,000 from April 2024.
Embracing Blockchain
Becoming modern means we need to embrace, not just established technologies but those that are still emerging. Like Blockchain.
A few weeks ago, my colleague, the Economic Secretary to the Treasury, announced the UK바카라 사이트檚 intention to become a global hub for crypto바카라 사이트� the very best place in the world to start and scale crypto companies.
He made the point that we have a detailed plan바카라 사이트� that we are determined to learn quickly바카라 사이트� and that we will lead the way in harnessing the potential of blockchain and supporting the development of a world-best crypto ecosystem.
We are already effectively using crypto-technologies to make government more efficient바카라 사이트� including in my patch, where we바카라 사이트檙e developing opportunities to use distributed ledger technology for Customs and International Trade, to ease the import of goods.
There바카라 사이트檚 an element of the unknown here바카라 사이트� but we must believe that we can harness technology constructively, sustainably and responsibly. And I바카라 사이트檓 personally determined that바카라 사이트檚 what we바카라 사이트檒l do.
Being honest
Ladies and Gentlemen,
I바카라 사이트檝e covered a lot of ground. And perhaps that바카라 사이트檚 inevitable given the way my portfolio stretches across Whitehall.
These are complex, interlocking issues. About which it is crucial that we continue to talk바카라 사이트� and continue to talk honestly.
I started today by talking about trust.
And I will end by saying that trust can only be truly earned if we are open with people.
Open about the possibilities but also open about the challenges.
In my role, I regularly hear from people who are dealing with the increasing cost of living.
Others tell me they worry about what the future holds for themselves and their families at this difficult time for the world.
My colleagues across government are focused on creating the economic certainty those people quite rightly need.
But it serves no-one for us to cloak the challenges we face바카라 사이트� to pretend that we can wave a magic wand and solve everything instantly.
During the depths of the Covid crisis, the Chancellor never shied away from being open about the situation.
And we are taking the same transparent approach, when it comes to levelling with people about the economic headwinds that are blowing our way.
However, while we바카라 사이트檙e constrained by economic circumstances, we can and should believe in our vision for a United Kingdom.
A place where productivity is at an all-time high and which benefits from significant growth, low taxes and high employment.
A country where people can succeed, wherever they live and fulfil their potential.
Our tax system can바카라 사이트檛 achieve that alone. But making the right tax choices바카라 사이트� the what, the why and the how바카라 사이트� can make a big difference.
And that바카라 사이트檚 particularly true now바카라 사이트� when circumstances are more difficult.
These are the times when we need to ask the right questions바카라 사이트� to think harder바카라 사이트� to act with purpose and imagination.
All things that I 바카라 사이트� and this 바카라 사이트 바카라 사이트� are determined to do.
Thank you