The chancellor will dismiss “gloom” about the prospects for the UK economy and say the government will bring about long-term prosperity in a plan “energised” by Brexit.
Mr Hunt will deliver an upbeat message in a keynote speech today, where he will say the government has a plan to use “British genius and British hard work” to boost economic growth and make the country “the world’s next Silicon Valley”.
He will go on to say the UK is “poised to play a leading role in Europe and across the world in the growth sectors which will define this century”.
According to advance extracts from his speech released by the Treasury, he will also say “declinism about Britain was wrong in the past and it is wrong today”.
Speaking at Bloomberg’s European headquarters in London, Mr Hunt is also expected to continue to resist calls from some Tory MPs for tax cuts to kickstart flagging economic growth.
Instead he will say the UK should exploit the opportunities provided by the UK’s withdrawal from the EU to raise productivity while using the proceeds of growth to support public services.
Mr Hunt will say that some of the “gloom” about the current economic outlook is based on statistics that “do not reflect the whole picture”.
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“Like every G7 country, our growth was slower in the years after the financial crisis than the years before it,” he will say.
“But since 2010, the UK has grown faster than France, Japan and Italy. Since the Brexit referendum, we have grown at about the same rate as Germany.
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“If we look further ahead, the case for declinism becomes weaker still. The UK is poised to play a leading role in Europe and across the world in the growth sectors which will define this century.”
Mr Hunt will also say: “Our plan for the years that follow is long-term prosperity based on British genius and British hard work.
“(And) world-beating enterprises to make Britain the world’s next Silicon Valley.”
The chancellor will add: “It is a plan necessitated, energised and made possible by Brexit which will succeed if it becomes a catalyst for the bold choices we need to take.
“Our plan for growth is a plan built on the freedoms which Brexit provides. It is a plan to raise productivity.
“It is a plan to use the proceeds of growth to support our public services at home, to support businesses in the new low-carbon economy and to support democracy abroad.
“It is the right course for our country and the role in the world to which we aspire.”
Mr Hunt will also use his speech to announce that the government is to proceed with reforms to so-called “Solvency II” – an EU directive that governs the amount of funds British insurers are required to hold in reserve.
The Treasury pointed to an estimate by the Association of British Insurers which suggested the changes could unlock up to £100bn of private investment into UK infrastructure and clean energy – such as nuclear power – over the coming decade.
His address will come after a cabinet away day at Chequers yesterday, where Mr Hunt told ministers they must maintain their “disciplined approach” if they are to get inflation under control.
The chancellor is facing calls from some Tory MPs to cut taxes in his budget in March to inject growth into the economy.
But at Chequers, both he and Prime Minister Rishi Sunak emphasised the priority remained inflation which was only predicted to fall because of the “tough decisions” taken to stabilise the economy following former PM Liz Truss’s catastrophic mini-budget tax giveaway.
“The chancellor said it would be necessary to retain this disciplined approach in order to reduce inflation, because it is the greatest driver of the cost of living,” according to a No 10 readout of the meeting.
In a stark and direct intervention, Martin Griffiths, the former UN humanitarian chief, has described the situation in Gaza as genocide.
The statement, made during an interview I conducted with Griffiths on The World, marks one of the most pointed accusations yet from a figure known to be deeply embedded in the world of international politics and diplomacy.
“I think now we’ve got to the point this is unequivocal. Of course it is genocide. Just as it is weaponising aid.
“We don’t need to look behind ourselves to see that’s the case. That should encourage us even more because we, of course, all doubted whether it would come to that level of definition.
“We all doubted whether famine is actually there. I think starvation is killing people. That’s bad enough. We don’t have to worry about famine, which is obviously there lurking in the shadows.
“Also, genocide… of course that’s what has happened. We only need to look at the statements made. Prime Minister Netanyahuhas the virtue of being very clear about his objectives.”
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3:14
Ex-Israeli aide dismisses genocide claims
His choice of words is extraordinary – not just for its gravity, but because it’s Griffiths who is saying it.
A veteran diplomat with decades of experience navigating complex international crises, Griffiths is known for his calm and thoughtful demeanour – not for inflammatory language.
For him to use the term “genocide” in a television interview signals a significant shift in how some within the international system are now interpreting events on the ground in Gaza – 20 months since Israel launched its war.
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Just weeks earlier, Tom Fletcher, another respected former British ambassador and current UN humanitarian chief, came close to using the phrase during a UN Security Council session.
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He said: “What more evidence do you need now? Will you act decisively to prevent genocide and to ensure respect for international humanitarian law? Or will you say instead: ‘we did all we could?'”
Whilst he stopped short, his tone showed a clear change in how leading international figures now view the direction of Israeli military operations in Gaza; staggering civilian deaths, and the statements made by Israeli officials prosecuting this war.
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Lawyers representing Israel against accusations brought by South Africa to the International Court of Justice last year – accusing its actions in Gaza of amounting to genocide – called the claims “unfounded”, “absurd” and amounting to “libel”.
They went on to say Israel respected international law and had a right to defend itself.
Now 41.2% of Europe finds itself in some form of drought, according to the latest update from the EU’s European Drought Observatory, which covers 11 to 20 May.
It is most acute in pockets of south-eastern Spain, Cyprus, Greece and Albania, where the strongest “alert” category has been issued, as well as parts of Poland and Ukraine.
But broad stretches of northern and eastern Europe through France, Germany, Poland and Ukraine also drying up, sowing concerns about crop yields.
On Thursday, the UK’s Environment Agency officially declared a drought in North West England after river and reservoir levels were licked away by a dry spring.
Image: More than 40% of Europe was in drought as of 11-20 May 2025. Pic: CEMS / EDO
Image: Heat was record high in March in Europe. The image on the right shows the south of the continent was much wetter than average and the north much drier. Source: Copernicus Climate Change Service
Greece tourism is ‘unsustainable’
In Greece, “overtourism” from millions flocking to its beaches adds further pressure to water supplies, said Nikitas Mylopoulos, professor of water resource management at Thessaly University.
“The tourist sector is unsustainable and there is no planning… leading to a tremendous rise in water demand in summer,” he told Sky News.
“The islands have an intense problem of drought and water scarcity.”
Islands like Santorini and Mykonos are now forced to ship in water from Athens or desalination plants to provide for showers and swimming pools. In the past, many residents could make do with local methods like rainwater harvesting.
But agriculture is a far bigger drain on the country’s water, with waste rife and policies lacking, said Prof Mylopoulos.
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1:55
‘Tropical nights’ soar in European hotspots
Wildfire season could be ‘particularly difficult’
This year’s hot and dry conditions are also fuelling the risk of yet another fierce wildfire season in Greece.
Last week civil protection minister Ioannis Kefalogiannis warned of a “particularly difficult” summer.
He said a record 18,000 firefighters have been deployed and the drone fleet almost doubled in a bid to combat fires being fuelled by a hotter climate.
Droughts and their causes are more complicated, but scientists at World Weather Attribution say global warming is exacerbating drought in some parts of the world, including around the Mediterranean.
Image: A drought was declared in northwest England on Thursday. Pic: Reuters
The International Hydropower Association said drought and intense rain in Europe are pushing power plants to “operate at the limits of their existing equipment”.
Extreme weather costs the EU about €28.3bn (£23.8bn) in lost crops and livestock per year, according to insurance firm Howden.
Hayley Fowler, professor of climate change impacts at Newcastle University, said: “With global warming, we expect more prolonged and intense droughts and heatwaves punctuated by more intense rainfall, possibly causing flash floods.
“In recent years, we have experienced more of these atmospheric blocks, causing record heat and persistent drought, as well as severe flooding in other locations in Europe.
“Recent months have been no different, with prolonged dry conditions and heatwaves in northern Europe and floods in southern Europe.”
At least 117 people have died and others are still missing after heavy flooding in Nigeria, an emergency official said.
Authorities initially said 21 people had died but this figure has today risen significantly.
Media reports quoting local government officials said a dam collapse has worsened the situation.
Ibrahim Hussaini, head of Niger State Emergency Management Agency, said some 3,000 houses were underwater in two communities.
Videos posted on social media show floodwater sweeping through neighbourhoods, with rooftops barely visible above the brown currents. One clip shows a tanker floating through a town.
Image: A tanker is swept away by floodwaters
The chairman of the Mokwa local government area suggested poor infrastructure has worsened the impact of the flooding.
Jibril Muregi has appealed to the government to start “long overdue” construction of waterways in the area under a climate resilience project.
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Image: Water appears to be flowing over a dam behind the town
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In a similar occurrence last September, torrential rains and a dam collapse in Nigeria’s northeastern Maiduguri caused severe flooding, leaving at least 30 people dead and displacing millions.
Nigeriais prone to flooding during the rainy season, which began in April – and flooding is becoming more common and extreme as the climate warms.
Hotter air is thirstier and can hold more moisture – about 7% more for every 1C warmer – meaning it unleashes heavier flooding when it rains.
Violent rain, which killed hundreds of people in Nigeria during 2022, was made at least 80 times more likely and 20% more intense by climate change, analysis by World Weather Attribution found.