Boris Promises 'Firepower' To Help Hard-Hit Families

PM pledges help, but warns 'we can't spend way' out of cost-of-living crisis

- Macer Hall

Boris Johnson vows to use "fiscal firepower" from a turbocharged economy to help households fight the cost-of-living crisis.

The Prime Minister yesterday hinted extra support for “hardworking people” was coming but he warned against “spending our way” out of the squeeze.

He insisted the only long-term solutions to soaring prices were economic growth and higher wages.

Mr Johnson's signal of further help came after his legislative plans for the coming year were read out by Prince Charles at the State Opening of Parliament.

The PM warned MPs that "no Government can realistically shield everyone from the impact” of economic hardship.

He insisted that doling out more money and racking up more debt would only scar the economy, adding: "We must also remember that for every pound of taxpayer's money we spend on reducing bills now, it is a pound we are not investing in bringing down bills and prices over the longer term.

“And that, if anything, this moment makes clear our best remedy lies in urgently delivering on our mission to turbocharge the economy, create jobs and spread opportunity across the country.”

Whitehall sources said ministers were working intensively on measures to support hard-hit families and other households, although further Government spending before Chancellor Rishi Sunak's autumn Budget remains unlikely.

One commented: “We're constantly looking at what we can do to help. You can expect a steady drumbeat of announcements over the coming weeks.”

Yesterday's package of 38 Bills announced by the Prince of Wales in his mother's absence due to "mobility problems” – focused on measures designed to stimulate growth by slashing rules, streamlining planning decisions and encouraging investment.