00:00We know that we have a dire economic inheritance from the previous government.
00:03The figures released this morning show that debt is now at 100% of GDP and the figures for this
00:09August are far worse than expected. It's in fact the worst August on record outside of the pandemic
00:14and what this really underscores for me is how important it is that we take the tough
00:18decisions necessary to fix the foundations of the economy, bring back economic stability
00:22and on that basis we can get the economy growing and make people across Britain better off.
00:26Those figures that we've seen this morning don't include recent decisions that have been taken,
00:30what they underscore is the inheritance that we've had from the previous government
00:34and I think everyone across Britain knows just how bad the inheritance was and obviously since
00:39we got into office we've had it confirmed that things are even worse than we thought
00:42with the 22 billion pound black hole, the in-year spending pressure that we're going to have to
00:46address in the budget. You know we know there are going to be difficult decisions around taxation,
00:51welfare and spending but we're determined to fix the foundation so that we can get the economy
00:55growing.
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