PM Johnson Delivers Wide-Ranging Speech On Taxation, Inflation, Mortgages

UK Prime Minister Boris Johnson sought to reset his premiership earlier this afternoon with a wide-ranging speech in Blackpool in a week that saw the PM subject to a significant rebellion among Conservative MPs in a vote of no confidence in his leadership. Among the numerous issues Johnson touched on were mortgages, taxation, and inflationary pressures facing households.

• Regarding the rate of inflation, Johnson argued that global markets are the primary driver, exacerbated by the war in Ukraine, stating that "World markets have responded with a significant spike in prices, partly driven by sanctions, partly by the elevated risk premium – the inevitable increase in what businesses have to charge to compensate for raised global levels of uncertainty.The price of oil and gas looks likely to remain high for a while to come, and the same goes for grain and feed and fertiliser." However, Johnson added that it would be "morally repugnant" to abandon Ukraine in the hope of lowering inflationary pressures.
• On taxation says that the current high rates of personal taxation are "an aberration" made worse by the pandemic. Does not detail any future tax cuts but says "The overall burden of taxation is now very high – and sooner or later, and I would much rather it was sooner than later, that burden must come down."
• Says that "we want it to be easier to get a mortgage", and announces a review of the market to ensure a good supply of low-deposit mortgages.
• A number of these issues - notably taxation - seen to be Johnson seeking to show recalcitrant backbench Conservatives who may have voted against him on Monday that he will seek to address their concerns about the direction of his gov't.