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Friday evening news briefing: Go back to work, Hunt tells jobless

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Good evening. The Chancellor has pleaded with early retirees to go back to work, as he said the country faced an "enormous and shocking waste of talent and potential". We also have the latest from Ukraine, as Poland pledged 74 battle tanks to Kyiv - scroll down for more.

Evening briefing: Today's essential headlines

Ukraine | Poland will send 74 battle tanks to Ukraine in a bid to further bolster Kyiv's defences ahead of an expected Russian offensive. Joe Barnes reports that Warsaw will be sending 14 German-made Leopard 2s, as well as 60 modernised Soviet-era tanks from its stocks. Meanwhile, it was reported that more than 200 Russian troops have died in "fierce" fighting over the strategic town of Vugledar in Donetsk in recent days.

The big story: 'Enormous and shocking waste of talent'

Jeremy Hunt has promised a "fundamental programme of reforms" to get millions of people back to work, as he said the drive will be the key to fixing the UK’s "productivity puzzle".

The Chancellor said approximately one fifth of UK adults of working age are economically inactive - about 6.6 million people - and, of those, 1.4 million want to work but a further five million do not. He described this as an "enormous and shocking waste of talent and potential", as he told those people that "Britain needs you".

Delivering a keynote speech on the UK's economic future in central London this morning, Mr Hunt said it was time for a "fundamental programme of reforms to support people with long term conditions or mental illness to overcome the barriers and prejudices that prevent them from working".

He added that the UK would not fix its "productivity puzzle unless everyone who can participate does". The Chancellor also hit out at declinism, as he said the UK will need a sense of "optimism" if it is to achieve a better economic future.

Mr Hunt said the Government's plan for boosting economic growth and prosperity was based on four pillars, namely: enterprise, education, employment and everywhere.

The Chancellor added that in order to spark the creation of more new businesses in the coming years "firstly we need lower taxes" and the UK "should be explicit" that "high taxes directly affect the incentives which determine decisions" about where businesses choose to base themselves.

However, he said the Government would look to cut taxes only "when the time is right". He subsequently added that it was "unlikely" he will announce "significant tax cuts" at the Budget in March.

'E for empty'

The Chancellor's 'four E's' economic growth strategy was met with a lacklustre reception, as one economist said "E for empty" characterised the measures.

The Institute of Directors was scathing in its assessment of the plan, with the business group saying it had "heard nothing" about how he would put his ambitions into action.

Chief economist Kitty Ussher said this meant they would "add a fifth E for 'Empty' to his four E's economic framework". The British Chambers of Commerce argued that a further two Es had been forgotten, suggesting that without addressing energy and exports, "our economic growth will continue to be stunted".

'HS2 will reach Euston'

On a busy day for the Chancellor, he also sought to dispel reports that HS2 will be severely cut down, insisting that it will run into central London. Speaking to journalists this morning, Mr Hunt said that he couldn’t see “any conceivable circumstance” in which the high-speed line would not end at the planned Euston terminal.

The comments came after a report in The Sun suggested the Government and HS2 bosses were looking at pairing down the current scope of the line, by delaying or even scrapping the Euston plan completely.

Comment and analysis

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Friday interview

Paul Ince: 'Alex Ferguson ended my Manchester United career in a golf club carpark'

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Editor's choice

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Business news: Russian-born trader is top taxpayer

A Russian-born mathematician and City billionaire has become the UK’s highest taxpayer, racking up an estimated bill of nearly £490m. Alex Gerko, who holds British citizenship and renounced his Russian citizenship last year, is the founder of robot trading firm XTX Markets and has an estimated fortune of $6.2bn (£5bn). In good news for households, bills could fall by more than £750 from July as estimates continue to tumble for the energy price cap later in the year.

Tonight starts now

Last minute gift ideas for men this Valentine's day | “What is the best gift for a man?” must be one of the hardest questions ever asked. Scientists have been studying it for centuries and the best they've come up with is, "not socks". So, with Valentine's Day approaching, here are 15 gift ideas that should help, from £15 to "way too much".

Three things for you

And finally... for this evening's downtime

The secret to the perfect Great Barrier Reef holiday | This vast natural wonder offers travellers a zen-like world of multi-hued coral and tropical fish – follow our expert guide for the ultimate trip.

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