Tory leadership latest: Boris Johnson ‘planning emergency budget’ to ensure strong British economy ahead of Brexit

Boris Johnson is said to be drawing up plans for an emergency budget to make sure Britain’s economy is “going gangbusters” by the Halloween deadline for Brexit if he becomes prime minister. 

The Times revealed the Tory leadership hopeful plans to make aggressive tax cuts, overhaul stamp duty and put a ban on new business red tape to ensure Britain’s economy is in the best possible position to leave the EU with or without a deal.

The paper said allies of Mr Johnson had indicated he had offered Home Secretary Sajid Javid the job of chancellor, despite the former foreign secretary saying he had yet to offer any posts. 

Mr Javid is expected to formally endorse Mr Johnson within the next two weeks. He outlined his own plans for an emergency “no-deal” budget during the Tory leadership campaign.

Under the plan, the budget is likely to be brought forward to September from its usual October or November release.

© Provided by Independent Digital News & Media Limited Home Secretary Sajid Javid (AP)The Times said Mr Johnson’s team is due to discuss the proposals next week at a meeting chaired by Sir Edward Lister, who is working on plans for the former foreign secretary’s first 100 days in office. 

Three senior sources from the campaign are said to have confirmed that the ideas were under consideration. 

Mr Johnson is said to be considering an £11 billion-a-year proposal put forward by Dominic Raab to increase the national insurance contribution threshold from £8,632 to £12,500.

He has also promised to raise the threshold for the 40p rate of income tax from £50,000 to £80,000.

Mr Johnson is also considering an overhaul of stamp duty, a moratorium on all new regulations and raising the threshold for the annual investment allowance significantly above the present level of £1 million to promote business. 

Meanwhile, his rival Foreign Secretary Jeremy Hunt warned Tory members that he “deplored” the fact that some had voted to take no-deal off the table. 

He also conceded the winner of the contest could spend the shortest time as prime minister in history, and said he would resign if he failed to deliver Brexit.

© Provided by Independent Digital News & Media Limited Foreign Secretary Jeremy Hunt. (PA)Mr Johnson said he wanted to be the prime minister of a “representative democracy, a great representative democracy in which we believe in our elected representatives to take the right decision”. 

“I would rather than confiding in this archaic device to get this thing done at my own behest, I would rather confide in the maturity of common sense of parliamentarians, all of whom are now staring down the barrel of public distrust,” he said.

But he was challenged to categorically rule out taking the drastic measure.

“I’m not attracted to the idea of a no-deal exit from the EU but, you know, I think it would be absolutely folly to rule it out. I think it’s an essential tool of our negotiation,” he replied.

“I don’t envisage the circumstances in which it will be necessary to prorogue Parliament, nor am I attracted to that expedient.”

Mr Johnson’s comments came after he pledged to take the UK out of the EU by the Halloween deadline “do or die”, regardless of whether he could negotiate a new deal with Brussels.

On Thursday he also stuck by his comments that the chances of a no-deal exit were “a million-to-one against”.


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