Chancellor Rishi Sunak has warned there will be no “easy cost-free answer” as he promised to “balance the books” following his spending splurge during the coronavirus crisis.
In his speech to the Conservative Party’s virtual conference, Mr Sunak listed the various schemes he introduced in a bid to shore up the economy amid the COVID-19 pandemic.
But, in a hint at tax rises or spending cuts in the future, the chancellor vowed to “protect the public finances”.
He laid out plans to “over the medium term” get the UK’s borrowing and debt “back under control”.
“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,” Mr Sunak added.
“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 have never pretended there is some easy cost-free answer.
“Hard choices are everywhere.
“I won’t stop trying to find ways to support people and businesses.
“I will always be pragmatic.”