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  • Has the PM delivered on his promises?

Has the PM delivered on his promises?

Rishi Sunak made five promises for 2023, namely:

  1. Halve inflation
  2. Grow the economy
  3. Reduce debt
  4. Cut NHS waiting lists
  5. Stop small immigration boats

He followed these up with… “I fully expect you to hold my government and I to account on delivering those goals".

Although the end of 2023 is many months away, is he on track to keep his five promises? Let’s take a look.

#1: Inflation

The UK’s inflation rate for the last quarter of 2022 was recorded at 10.7%. Midway through 2023 the inflation rate for June was recorded as 7.9% which included a significant decrease of 0.9% from the previous month. Although there is work left to do, you could argue that this goal is on track. However, experts predicted this to occur regardless of Rishi’s premiership.

#2: The economy

Growing the economy is an easy pledge on its own because the UK economy usually grows steadily in any case. But when this pledge is made in combination with halving inflation, it becomes a more difficult task. To date, there has been growth of 0.4% across 2023, but this goal will be determined by comparing GDP in the third and fourth quarters of 2023. This makes it easier for the government to meet its target as there will almost certainly be fewer interest rate hikes towards the end of the year.

#3: Reducing debt

Reducing debt is usually measured against the economy. If the economy grows at a faster rate than debt, then the national debt is considered reduced even though the amount of debt has risen. This may be one of the pledges that trips the PM up, unless he and his government can manage to improve the UK economy to an extent that it excels the rate of debt. It remains in the balance for now.

#4: NHS waiting lists

The PM pledged that NHS waiting lists in England will fall over 2023. However, the data shows that the overall number of people waiting to receive treatment on the NHS has risen by 50,000 between April and May. This a point of contention for the government, as it claims that waiting lists have decreased. This is true, but it is only true of certain NHS waiting list categories. For example, the list of people waiting longer than 18 months for care has indeed fallen. There may have been a lack of clarity relating to the objectives of this pledge to the public.

#5: Stopping small migrant boats

In 2022, just under 46,000 migrants crossed the English Channel from France by small boats. The PM introduced a new Bill to prevent this from happening. As things stand, fewer people have arrived by boat compared to this time last year. But the real test will be in the data released for July, which is notably the month when most boats attempt to come to the UK. 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

August 2023

Company address: Euxton Mortgage Market, Hearle House, 5 East Terrace Business Park, Euxton Lane, Chorley, Lancashire, PR7 6TB
T: 01257208946 F: 01257208947 Email: info@euxtonmortgagemarket.co.uk

Euxton Mortgage Market are impartial mortgage advisers covering Euxton and the surrounding areas, including: Leyland, Bamber Bridge, Farrington, Lostock Hall, Longton, Adlington, Charnock Richard, Croston and Rivington.

Adrian John Wood, trading as Euxton Mortgage Market, is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. H L Partnership Limited is entered on the Financial Services Register (https://register.fca.org.uk/s/) under reference 303397.

Adrian John Wood is entered on the Financial Services Register (www.fca.org.uk/register) under reference 682490.

*Some of these products are not regulated by the Financial Conduct Authority.

The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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