Families are bracing themselves for the return of austerity after Rishi Sunak warned there will be “difficult decisions to come”.
In his first speech as Prime Minister, he yesterday vowed to clear up the economic mess created by Liz Truss.
But Mr Sunak still refused to spell out how he plans to fill the massive black hole in the nation’s finances.
The Tories are threatening to make working families pay by snatching away hundreds of pounds in benefits.
Chancellor Jeremy Hunt has also warned money may be taken from the budgets of schools, hospitals and police.
Here, we unpick the real meanings in the PM’s inaugural speech.
'Mistakes were made'
From the same spot two hours earlier, Liz Truss shamelessly defended her disastrous 49 days as PM in which she tanked the
economy and triggered misery for millions of mortgage holders.
In her farewell address, she failed to apologise.
“I am more convinced than ever we need to be bold and confront the challenges that we face,” she said defiantly.
In his own speech Mr Sunak was quick to disown Ms Truss’s catastrophic agenda of unfunded tax cuts, making clear it is his job to “fix” the problems she created.
‘It means difficult decisions to come’
The country is put on notice that pain is on the way, with tax rises and spending cuts expected amid moves to plug a £40billion hole.
The Treasury is working towards an expected, but not confirmed, Budget on Monday, Halloween.
Chancellor Jeremy Hunt has considered going back on Mr Sunak’s previous pledge to increase benefits in line with rising prices – meaning some households would lose £1,000 a year.
Mr Hunt is also looking to slash Whitehall budgets, fuelling fears he will impose Austerity 2.0.
‘(We) will not leave next generation with debt we were too weak to pay’
Mr Sunak is attempting to assure the markets that he will not go on a spending spree like Ms Truss did.
She spooked the City by announcing a bonanza of unfunded tax cuts for the wealthy.
The cost of government borrowing spiralled, putting people’s pension funds on the verge of collapse.
In contrast, in his speech Mr Sunak is arguing it would be unfair simply to saddle our children and grandchildren with more debt.
But this will fuel fears schools, hospitals and police could be victims of his push to get out of the red.
‘...integrity, professionalism and accountability at every level’
After distancing himself from Ms Truss’s economic agenda earlier in the speech, this is Mr Sunak telling voters he is not Boris Johnson.
His former boss’s time in No10 was dominated by scandals.
Mr Sunak was dragged into the Partygate row when he received a police fine for attending a gathering to mark Mr Johnson’s 56th birthday.
But he is attempting to argue he will run Downing Street in a very different way.
‘Mandate earned in 2019 is not property of one individual’
Voters are demanding a general election now so they can have a say over how the country is run.
The Mirror’s petition on the 38 Degrees campaign website calling for a ballot has more than 129,000 signatures.
Mr Sunak, who was not even voted for by Tory members, has ruled out holding a snap poll.
He is trying to justify this by arguing that the Conservatives’ landslide victory three years ago was not just about Mr Johnson.
‘I understand how difficult this moment is’
Hard to believe, as Mr Sunak, with a £730million fortune, is the richest PM the country has ever had.
His wealth with wife Akshata Murty is more than twice that of King Charles and the Queen Consort.
This line in his speech aims to fight criticism he is out of touch.
Mr Sunak argues he does recognise the hardship faced by voters despite once wearing £450 loafers to a building site in the North East.
At 42 he is the youngest PM in more than 200 years. He had a rapid rise to the top after only getting elected as an MP seven years ago.
He professed yesterday: “I am not daunted.”
Despite his youth and relative inexperience, he is eager to show he is up to the job.
