Andy Bruce

LONDON, (Reuters) – After being rocked this week by a major rebellion against him as his leader, Boris Johnson, the British Prime Minister will promise on Thursday to revive a struggling economy and make it more affordable for young people to purchase homes.

Johnson’s first policy speech following Monday’s vote against Johnson, Johnson promises to pledge fiscal firepower to alleviate a growing cost-of living crisis for families. Previous Conservative prime minsters who scored better in these votes were later ousted.

Johnson’s announcement is in response to downgrades of UK growth forecasts both by the British Chambers of Commerce and Paris-based Organisation for Economic Co-operation and Development. Both predict stagnation ahead.

Johnson, who will visit Lancashire in northern England, will state that “Over the next several weeks, the government is going to be setting forth reforms to help people reduce costs in every aspect of household spending from food and energy to childcare and transport to housing,” according to excerpts taken from his speech.

According to his office, the prime minister will address declining rates of homeownership, especially for young people.

Johnson’s party lawmakers called Monday’s confidence votes after revelations about COVID-19 lockdown-breaking members at the core of government.

Johnson’s integrity remains at the root of the problem, but questions have grown about the economic records of his government.

The OECD predicts no growth in next year – the lowest of all G20 economies except Russia – while the BCC projects Britain’s economy shrinking by 0.2% in this last quarter, before expanding 0.6% and 1.2% respectively in 2023-2024.

According to the BCC, “the downgrade is a reflection of heightened political uncertainty and rising cost pressures that are restricting smaller firms’ ability to spend,”

Johnson will declare on Thursday, that the government would reduce costs for both households and businesses.

He said, “With more affordable electricity, childcare, transport and housing, we will protect households, increase productivity, and most importantly, increase the UK’s rate of growth.”

Johnson, according to the Labour Party opposition, was deluded.

Tulip Siddiq (Labour lawmaker) said Johnson’s plan speech would be “No surprise he doesn’t want to face the fact that economic growth will slow down in the UK next year.”