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Speaker 1: Prime Minister, thank you so much for speaking to Bloomberg.

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Speaker 1: Now you've announced some twenty nine billion pounds of new investments.

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Speaker 1: Investors of course see opportunities, partly because they think that

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Speaker 1: it's actually cheap and has further to grow. But then

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Speaker 1: there's also things that they worry about, the reversal of

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Speaker 1: AHAs two, your stance on the European Court. How do

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Speaker 1: you address some of those questions they have for you?

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Speaker 2: Well, first of all, we're excited to be hosting our

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Speaker 2: Global Investment Summit and it's our welcome to business event.

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Speaker 2: I'm also very pleased that, as you mentioned, we have

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Speaker 2: secure commitments of almost thirty billion pounds of investment. That's

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Speaker 2: more than double, if not triple, what we had when

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Speaker 2: we last held this summit. So I think that's an

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Speaker 2: enormous vote of confidence in the UK and it comes

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Speaker 2: on the back of a very positive autumn statement that

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Speaker 2: we just delivered with significant support for business. I think

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Speaker 2: there's real momentum in the UK economy. You're seeing that

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Speaker 2: were tangible commitments from investors at a scale we haven't

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Speaker 2: seen before, so looking we're points to have a very

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Speaker 2: positive day.

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Speaker 1: So Premister Jeremy Hunt framed the item statement as a

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Speaker 1: pathway to growth, and yet the OBR trim their forecast

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Speaker 1: for next year in twenty twenty five. Do you think

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Speaker 1: the OBR is being too conservative?

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Speaker 2: Look, the story of the UK is an economy that

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Speaker 2: has got real momentum. So I've been Prime Minister for

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Speaker 2: just over a year. During that time, we've halved inflation

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Speaker 2: as I said we would do. We've known now that

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Speaker 2: the UK economy has recovered faster from the pandemic than

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Speaker 2: pretty much any other major European economy, and over the

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Speaker 2: long term we're still forecast to outperform major European economies.

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Speaker 2: But crucially, business investment has grown faster than any other

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Speaker 2: G seven economy over the last few years. And I

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Speaker 2: think ultimately, if you want to drive growth and productivity

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Speaker 2: in an economy, you need businesses to be investing. We

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Speaker 2: have more momentum for business investment here than anywhere else.

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Speaker 2: So look, I feel actually very positive about the long

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Speaker 2: term growth outlook for the UK.

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Speaker 1: So do you think the OBR is actually going to

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Speaker 1: have to revise them upwards? Are you confident that the

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Speaker 1: numbers will come in so that you can continue cutting tax?

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Speaker 2: What I can tell you is that when I became

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Speaker 2: Prime Minister just over a year ago, not just the OBR,

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Speaker 2: but also the Bank of England, the OECD and the IMF,

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Speaker 2: all of them predicted that the UK would be in

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Speaker 2: recession this year. That hasn't happened. We put in place

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Speaker 2: a set of policies to ensure that it didn't and

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Speaker 2: I'm delighted the UK economy has outperformed all of those

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Speaker 2: and has grown this year better than anybody thought. So look,

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Speaker 2: I've got a track record in outperforming what people think.

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Speaker 2: And as I said, the UK economy has real momentum now,

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Speaker 2: inflation has been halved, business investment is growing faster than elsewhere,

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Speaker 2: and has said we've got commitments totally almost thirty billion

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Speaker 2: pounds for our summit. It's significantly more than we've had

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Speaker 2: in the past. So I think that shows that investors

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Speaker 2: and companies are voting with their pounds and their dollars,

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Speaker 2: and that shows that there is confidence in the economy

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Speaker 2: and that's what makes me think we're poised for strong growth.

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Speaker 1: But pretty much if you look at inflation, if you

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Speaker 1: actually exclude energy, it's about you know, been down by

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Speaker 1: like a fifth. So I don't know how much credit

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Speaker 1: the government can actually take on.

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Speaker 2: That well, Actually, if you look at core inflation, it's

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Speaker 2: pretty much middle of a pack for European economies forecast

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Speaker 2: next year to be lower than the Eurozone, and I

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Speaker 2: think in the US the last numbers I checked, So

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Speaker 2: actually the momentum inflation is downwards and coming down faster

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Speaker 2: than peers over the course of the next twelve months.

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Speaker 2: If you look at the forecast, and we're making sure

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Speaker 2: that we are disciplined, we're borrowing ultimately what investors are

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Speaker 2: looking at to make sure that fiscal policy is sensible.

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Speaker 2: We're not fueling the inflationary fire. We're being sensible on

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Speaker 2: public sector wage settlements and actually you're seeing that feed

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Speaker 2: through to the economy and have said, we're also improving

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Speaker 2: labor supply. If I talked to businesses, you know what

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Speaker 2: they're keen to see is access to labor. We're making

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Speaker 2: sure that our labor market remains flexible, that we're moving

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Speaker 2: people off welfare and into work. All of those things

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Speaker 2: are contributing to I think downward momentum on inflation Premier.

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Speaker 1: Sure, if the OBR is actually right in their forecast,

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Speaker 1: what does it mean where you can actually find some

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Speaker 1: spending freeze or actually cuts.

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Speaker 2: Well, what we've just delivered are significant tax cuts, significant

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Speaker 2: tax cuts for business, significant tax cuts for everybody in work.

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Speaker 2: That's what our autumn statement last week did, I think,

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Speaker 2: the biggest tax cuts in one event since the nineteen eighties.

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Speaker 2: Just to give people a sense of scale. For business,

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Speaker 2: what we're doing is making full expensing permanent, so we

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Speaker 2: will be the only major at G seven economy certainly

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Speaker 2: and even broader than that, where you get a total

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Speaker 2: rite off against your taxes a capital investment. That's an

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Speaker 2: incredibly generous regime to attract business investment. And it comes

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Speaker 2: on top of the fact that our corporation tax right

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Speaker 2: here is lower than any other G seven economy. And

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Speaker 2: when it comes to individuals in work, we've just delivered

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Speaker 2: a very significant personal tax cut that will put four

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Speaker 2: hundred and fifty pounds extra in the bank accounts of

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Speaker 2: a typical person in work over the next twelve months,

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Speaker 2: which will also need to be good for consumption as well.

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Speaker 1: That you have to find money in, for example, departments

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Speaker 1: where you know that voters actually want you to spend

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Speaker 1: more in certain departments. So are you comfortable as possibly

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Speaker 1: being Prime Minister of austerity.

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Speaker 2: No, that's simply not the case. Actually, government spending in

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Speaker 2: the UK right now is a very high levels historically

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Speaker 2: over this parliament, It's grown at very high levels even

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Speaker 2: in real terms after the impact of inflation. So I

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Speaker 2: think any commentary or accusation that's what's happening is just

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Speaker 2: simply unfounded. And we're at a point now, given how

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Speaker 2: people are feeling, given the amount that's being spent, where

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Speaker 2: I think the priority has got to be luring the

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Speaker 2: tax burden. Right government's already spending a lot of people's money,

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Speaker 2: and what we need to see going forward is more

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Speaker 2: productivity out of the public sector needs to match what

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Speaker 2: we've seen in the private sector post COVID, and I'd

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Speaker 2: rather focus on efficiency in the public sector and prioritize

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Speaker 2: cutting people's taxes rather than the government spending ever more

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Speaker 2: of their money. That's the point I think, and I'm

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Speaker 2: very clear that that is the choice that we are making.

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Speaker 1: But even if the voter doesn't necessarily feel that tax

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Speaker 1: cuts because of inflation going up, so how much more

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Speaker 1: can you cut taxes in April and beyond, Well.

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Speaker 2: It wouldn't be right to speculate on future events. We're

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Speaker 2: just still digesting the one we've had, which, as I said,

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Speaker 2: delivered the biggest tax cuts since any event since the

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Speaker 2: nineteen eighties. But what I have said is that this

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Speaker 2: is the start of a journey. And you know I

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Speaker 2: meant that when I said, look, after we got inflation down,

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Speaker 2: I wanted to focus on making sure that we reward

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Speaker 2: people's hard work, making sure that we grow the economy

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Speaker 2: and responsibly cutting taxes. And you know, when we can

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Speaker 2: do more, we will, because that's the direction of travel here.

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Speaker 1: Now, premierter is a wonder flight taking off before the election.

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Speaker 1: I critical to your message to voters or will bring

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Speaker 1: down the immigration numbers be enough?

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Speaker 2: Well, I think the British people's priority is to stop

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Speaker 2: the votes, to stop illegal migration. That's why the beginning

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Speaker 2: of this year, when I set out five key priorities

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Speaker 2: I had, one of them was to deliver on that.

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Speaker 2: And I'm really pleased that since I said that, we've

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Speaker 2: managed to cut the numbers by a third. Now, you know,

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Speaker 2: when I got this job, they had gone up and

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Speaker 2: up and up. They'd actually quadrupled in the past few years.

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Speaker 2: But for the first time they're now coming down and

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Speaker 2: not down by little, down by a lot, down by third,

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Speaker 2: when in the rest of Europe they're going up. So

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Speaker 2: we're making progress. But I do want to deliver on

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Speaker 2: our Rwanda plan because that's how we will finish the job.

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Speaker 2: And we're going to do everything that I deem necessary

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Speaker 2: to make that happen.

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Speaker 1: So when Prime Minister, will you publish a treaty and

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Speaker 1: bill on Rwanda, and will the bill actually contain this

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Speaker 1: not standing class so you can ignore future legal judgments?

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Speaker 2: You know, what I've been very clear on is that

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Speaker 2: we will address all the concerns that the courts have

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Speaker 2: raised about Rwanda. I would gently point out that the

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Speaker 2: United Nations themselves have used Rwanda for migrant resettlement schemes

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Speaker 2: in the past, and we've worked with the Rwandan government

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Speaker 2: to put in place a treaty which will reassure everyone

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Speaker 2: and address all the concerns that have been raised, and

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Speaker 2: then Parliament will be given the opportunity to scrutinize that

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Speaker 2: and also demonstrate that it believes that Rwanda is safe

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Speaker 2: for this type.

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Speaker 1: Well, what does that mean, Prime Minister, that you will

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Speaker 1: push it even if it means going against the European

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Speaker 1: courts I.

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Speaker 2: Think we can we act completely in compliance with our obligations,

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Speaker 2: and that's very much the approach we've taken so far.

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Speaker 2: Some objections and concerns have been raised by our court.

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Speaker 2: We will address all of those and then make it

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Speaker 2: crystal clear that our Parliament, which of course is sovereign

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Speaker 2: in these matters, will be able to scrutinize that and

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Speaker 2: then actually determine that Rwanda is safe.

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Speaker 1: How will you decide when you call an election?

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Speaker 2: Again, that's something that we announce in the normal way.

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Speaker 1: But is there a trigger point? Are you looking at

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Speaker 1: a certain.

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Speaker 2: I really am not focused on elections. I'm really just

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Speaker 2: focused on delivering on the things that I said I

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Speaker 2: would do for the British people, and that is, now

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Speaker 2: that we've harved inflation, we can turn onto cutting taxes,

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Speaker 2: rewarding hard work. It's also about growing the economy. That's

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Speaker 2: what our support and tax cuts of business were about

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Speaker 2: last week. Also tackling a legal migration, stopping the boats,

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Speaker 2: where we've made good progress already with more to come.

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Speaker 2: You know, these are all the things I'm focused on.

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Speaker 2: And also you know we've taken some big decisions here

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Speaker 2: about a more pragmatic approach to net zero, for example,

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Speaker 2: which is something that I think is right that we've

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Speaker 2: got to bring people with us on that journey. We've

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Speaker 2: got to save working families money as we do it.

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Speaker 2: So you know, we're doing some big things that are

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Speaker 2: making a big difference to people, and I want to

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Speaker 2: make sure that we deliver on this premiers.

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Speaker 1: We've also taken a hard line, of course, on rising

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Speaker 1: anti semitism in the UK. The White House has denounced

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Speaker 1: Elon Musk for what happened on X in the last

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Speaker 1: couple of days.

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Speaker 2: Do you do the same, Yeah, Look, I don't tend

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Speaker 2: to get in the business of scrutinizing what every single

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Speaker 2: person says who I've interacted with. Of Course, I bore

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Speaker 2: anti semitism, and as you said, we've been unequivocal from

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Speaker 2: the start of this situation that that is not acceptable

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Speaker 2: in our society, and we've been very about that. I've

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Speaker 2: personally been very firm about that. It's very sad what

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Speaker 2: is happening.

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Speaker 1: But as I said, I condemned all anti semitism, right,

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Speaker 1: it's not about any one particular personality.

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Speaker 2: Our condemn anti semitism. And Prime Minister well, and as

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Speaker 2: I said, I condemn anti Semitism in all its forms.

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Speaker 2: It doesn't matter whether you're Elon Musk or you're someone

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Speaker 2: on the street who's shouting abuse that someone who happens

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Speaker 2: to be walking past you. That's wrong in all its forms.

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Speaker 2: Anti Semitism in all its forms is completely and utterly wrong,

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Speaker 2: and we have strong laws in place here to tackle

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Speaker 2: racial hatred. People are inciting it. Some of the scenes

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Speaker 2: we've seen have been unacceptable, and the police know that

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Speaker 2: they should be using the full force of their powers

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Speaker 2: to bring those people to justice. That's what we've been

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Speaker 2: very clear about and that's what we will continue to do.

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Speaker 2: And we've made sure that the Jewish community gets extra

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Speaker 2: funding here to ensure their safety and security, and we

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Speaker 2: will continue to do that.

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Speaker 1: Premier, sure, what kind of plan do you have for Gaza,

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Speaker 1: When do you think the fighting will start? And can

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Speaker 1: the UK actual be involved in the peacekeeping role afterwards.

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Speaker 2: You know, we've been consistently clear during this awful tragedy

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Speaker 2: that Israel does have a right to defend itself, it

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Speaker 2: should do that in accordance with humanitarian law, and we've

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Speaker 2: also consistently called for sustained humanitarian pauses where aid can

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Speaker 2: get in, but also hostages can come out, and I'm

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Speaker 2: glad that that is now happening, and I think all

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Speaker 2: of us will have seen some of the scenes over

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Speaker 2: the past day or two and found that very heartening.

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Speaker 2: It's important that everyone honors the agreement and we can

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Speaker 2: continue to see more progress, and we will be continuing

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Speaker 2: to talk to all our partners in the region, whether that's

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Speaker 2: the Americans, the israel Easy Egyptians, the Quitaries, to make

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Speaker 2: sure that we can see this through.

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Speaker 1: Is the UK still for a two state solution.

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Speaker 2: Always has been and can will continue to be, and

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Speaker 2: we need to redouble our efforts towards that, and that's

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Speaker 2: something we've been very clear about and I spoke to

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Speaker 2: the Palestinian President when I visited the region specifically about this.

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Speaker 2: The UK will do everything it can to help the

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Speaker 2: Palestinian authority. We do need to look to the future

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Speaker 2: of Gaza post mass and actually make sure that everyone

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Speaker 2: in the region can look forward to a future where

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Speaker 2: they can live lives of dignity and security and opportunity.

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Speaker 2: That's the vision that I think all of us share,

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Speaker 2: but we've got to redouble our efforts to bring that about.

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Speaker 1: Prime mister, thank you so much for your time.

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Speaker 2: Thank you very much.