Theresa May promises overhaul of Osborne’s economy to make Britain £150 billion richer
The PM wants to tackle the wealth gap by creating "an economy that works for all"
THERESA May yesterday ordered a complete overhaul of George Osborne's economy to make Britain at least £150 billion richer.
She tasked ministers with closing the gap between the powerhouse South East and other regions that are lagging behind by forging “an economy that works for all”.
The pointed phrase was seen as a clear dig that David Cameron and George Osborne’s six years in charge of the economy has failed to deliver for hard-working Brits nationwide.
The first meeting of her 11-strong economic mini-Cabinet heard even halving the chasm would make the economy nine per cent bigger.
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The figures were delivered by new Chancellor Philip Hammond – suggesting he is unimpressed at what he has found at the Treasury.
Senior ministers also discussed how to fix Britain’s shocking record on productivity, which is seen as the key problem holding the economy back.
Recent figures showed our output per worker in the UK has fallen further behind other nations than at any time since records began as Mr Osborne failed to get to grips with the issue.
In an attempt to get the whole nation firing, Mrs May’s new strategy will see huge investment in skills, a bid to attract the industries of the future and wholesale support for business and enterprise.
While Mr Osborne focused on his pet Northern Powerhouse project, the new PM will try to drive growth in other regions like the South West and Wales at the same time.
She has vowed to boost cities outside of London so they play their part in making the UK richer.
And doors will be thrown open to foreign investment as the UK breaks away from the EU.
A Number 10 spokesman said “At the first meeting of the Economy and Industrial Strategy Committee earlier this afternoon, the Prime Minister emphasised that the objective of the Government’s new industrial strategy should be to deliver an economy that works for all.
“Cabinet Ministers agreed that an effective industrial strategy must build on the advantages and recognise the disadvantages of different places and establish how areas of the country that have not shared in recent industrial success can have a positive economic future.
“The discussion also underlined that Britain is open for business, we continue to seek investment from around the world and we will continue to be a strong advocate for free trade. Moving forward, we should be encouraging British businesses to seize the opportunities of Brexit.”
The new committee is made up of Secretaries of State from 11 Government departments, including Chancellor Philip Hammond, Business and Energy Secretary Greg Clark, International Trade Secretary Liam Fox and Work and Pensions Secretary Damian Green.
It came as two Tory big beasts backed Mrs May over her decision to review the Hinkley Point nuclear deal.
Former Tory leader Lord Hague and Lord Heseltine both said she’d made the right call.
Lord Hague said: “Theresa May is quite right to take the time necessary to evaluate the Chinese role in our nuclear power.”
And Lord Heseltine, the former deputy prime minister, added: “She’s fully entitled to ask those basic questions. That is not anti-infrastructure; it is pro-national security.”