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British Prime Minister Boris Johnson said Thursday that his government will cut taxes and overhaul the mortgage market to help citizens cope with the cost of living, while promising to return the U.K. to a strong and healthy economy.
In a speech in Blackpool (England), the Tory leader outlined his plans to soften the impact of the high cost of living, among other things, to help British people access the property market.
The country is now entering a turbulent time, he said, with global price pressures caused by the effects of the pandemic and the war in Ukraine.
The Conservative leader also said that the country will get through this time as quickly as possible and as strongly as possible.
The PM also warned that energy prices will remain high for some time and that there are no quick solutions to the conflict in Ukraine. Johnson promised that the Executive will do everything it can to help the British people and that the economic costs derived from the conflict in Ukraine will decrease over time.
Johnson said that the time has come to stop spending and start cutting taxes, and that the answer to the current crisis is to encourage growth in the economy instead.
“The best way the government can help is to simply get out of the way,” Johnson said.
In relation to access to housing, among some measures detailed today, the prime minister announced a comprehensive review of the mortgage market in order to make getting a mortgage easier, particularly for those with low down payments.
The government will also legislate to protect the rights of tenants and will extend the right to buy from the country’s so-called housing associations, which offer people the option of buying a percentage of the mortgage and renting the other to the entity in question.