Sunak takes swipe at Brexit fearmongers as he hails explosion of investment away from EU

Brexit has triggered 'explosion' of investment says Rishi Sunak

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The Chancellor of the Exchequer praised his Government’s “super deduction” of UK tax which he insisted has sparked an investment glut into the UK as he set about a glowing defence of his decision to back Brexit Britain.

Mr Sunak said: “Brexit was never just about the things we couldn’t do.

“It was also about the things we didn’t do.

“That’s why we introduced the super deduction, a UK first in tax policy.

“Which is triggering an explosion in capital investment!”

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He added: “That’s why we created the Help to Grow scheme, another UK first to help small and medium-sized companies digitise, skill up and scale-up. 

“That’s why we launched the Future Fund, another UK first in government investment backing high potential start-ups. 

“My point is this: Even if you can’t see it yet I assure you…

“The future is here!” 

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His comments come as the UK’s economy grew by a record 5.5 percent in the second quarter of this year.

Easing of lockdown restrictions led to the economy growing faster than originally predicted as Britain bounced back from the pandemic.

The Organisation for Economic Co-operation and Development (OECD) now believes the UK economy could expand by 6.7 percent in 2021, higher than any other G7 nation.

In contrast, the EU is expected to see its economy increase by 4.8 percent this year.

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While in a further jab at the European Union, in a speech to the Tory conference on Monday, Brexit negotiator Lord Frost slammed the bloc over the Northern Ireland Protocol as he warned “tinkering at the edges” will not fix the frictions caused by the Protocol.

He said: “We cannot wait forever. Without an agreed solution soon, we will need to act, using the Article 16 safeguard mechanism, to address the impact the Protocol is having on Northern Ireland.

It is understood the Government has privately set a deadline of the end of next month for a solution to be found to avoid using the nuclear option.

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