Rachel Reeves has spoken some nonsense in her time. Her latest statement is chilling.
Keir Starmer and Rachel Reeves aren’t going anywhere. Nor is the UK economy (Image: Getty)
Most of the Chancellor’s words fall apart on contact with reality. Like this classic, a favourite of mine: “I was an economist at the Bank of England for many years before I became an MP. I worked in financial services. I know how to run a successful economy.”
We’ve since learned the truth about her shaky CV, and witnessed first-hand what she’s done to the economy. None of it has been successful, by any measure.
Here’s another Reeves gem. Last December, after hiking taxes by £40billion in her maiden Budget, she assured us: “I’m really clear, I’m not coming back with more borrowing or more taxes…. as a result, we won’t have to do a Budget like this ever again.”
Clear? It was such a transparent load of nonsense that Keir Starmer instantly contradicted it. On November 26, she’s coming back for another £30billion of new taxes, maybe more.
So her words must always be treated with scepticism, ridicule or disdain, depending on your mood.
But her latest statement had another effect. It filled me with fear and foreboding.
In an interview with The Times, Reeves defended her record, while insisting she “absolutely recognises that the cost of living is still a challenge for too many people.”
She didn’t admit that her £25billion hike to employers’ national insurance drove up inflation as companies passed on the cost to shoppers, just as the Office for Budget Responsibility warned.
A fair chunk of the interview was aimed at the risible Andy Burnham, who is once again challenging for the Labour leadership.
Reeves honed in on his laughable claim that we “have to get away from being in hock to the bond markets”, while pledging to build council housing using £40billion borrowed from… the bond markets!
Then came her blood-chilling quote. “People put their trust in Keir and in me when they voted Labour last year. We’re not going anywhere.”
It was the last four words that got me.
The next election could be as far away as August 2029. If Reeves isn’t going anywhere, we may have to endure another four of her Budgets, including this November’s.
Given the damage she’s inflicted with just one, I don’t know how we’ll survive four (with Spring Statements on top).
If Starmer and Reeves aren’t going anywhere, the economy won’t be going anywhere either. At least, nowhere nice.
The PM isn’t up to the job of leading the country, and despite her claims, the Chancellor clearly doesn’t know how to run a successful economy.
But here’s the truly scary bit. While Labour are in power, voters really do have to hope this deadly duo aren’t going anywhere. Because any replacements would be worse.
As Andy Burnham showed, the Labour Party has descended into fantasy economics, where they can tax, borrow and spend as much as they like. Union leader Sharon Graham, from Unite, has just called for Labour to borrow £1trillion. It’s insane.
I wouldn’t want Ed Miliband, Angela Rayner, Jeremy Corbyn or Zarah Sultana anywhere near the nation’s pursestrings either. Neither would the bond markets.
So we really do have to hope Starmer and Reeves aren’t going anywhere. Heaven help us.
The only consolation is that they’ll surely lead Labour into oblivion at the next election. Unfortunately, the rest of the country may get there first.
