The Chancellor has made a spectacular number of mistakes.
Chancellor Rachel Reeves is blaming Nigel Farage for her own errors (Image: Getty)
Not that you’d know from listening to Rachel Reeves. Ahead of her £30billion Budget tax blitz on November 26, she’s lashing out in all directions, desperate to find someone else to blame.
It’s a natural instinct. Nobody wants to carry the can, even when it’s their job. Far easier to scapegoat others. Politicians are notably prone to doing it – particularly this one.
She kicked off her tenure by blaming her economic inheritance on the Conservative Party. After 14 years of useless Tory rule, she had an open goal.
Still, she was sly, claiming she didn’t discover the supposed £22billion “black hole” until after the election. The Institute for Fiscal Studies called her out for that, saying the shortfall “was obvious to anyone who dared to look”.
Reeves still used that to justify last year’s massive Budget tax raid, which strangled growth and doubled the hole to more than £40billion.
That’s obviously down to her. But she refuses to shoulder any blame and is hunting for new scapegoats instead.
She’s still blaming the Tories, but voters don’t care about them anymore. So she’s turning on someone they do fancy, Reform UK leader Nigel Farage.
That’s a bit of a leap, given that he’s never held office, delivered a Budget, or spent a penny of public money. But she’s giving it a shot anyway.
Two scapegoats aren’t really enough, given the scale of today’s disaster. Happily, Reeves has a third.
She likes to blames “global headwinds.” What she really means is Donald Trump’s trade tariffs, but she can’t say that aloud.
Yes, the world economy is sluggish, but there’s a flaw in that argument too. Because under Reeves, the UK is doing worse than everyone else.
Today, we learned that consumer price inflation remained stuck at 3.8% in September, the highest in the G7.
So who’s to blame for that? Could it be a certain Rachel Reeves, whose £25billion Budget jobs tax was passed on to consumers in the shape of higher prices?
Reeves further fuelled inflation by waving through big public sector pay hikes after the election, and hiking the minimum wage by an inflation-busting 6.7%. Nigel Farage didn’t do any of that. She did.
The IMF reckons the UK economy will grow just 0.5% next year, the slowest in the G7.
Is Farage to blame? Nope. The culprit was a certain Labour Chancellor, whose tax and spend splurge has crushed growth, destroyed businesses and sunk consumer confidence.
In a further blow, the UK now faces the highest borrowing costs in the Western world. Is that down to Farage? No, it’s down to the incumbent Chancellor borrowed another £20billion in September, adding to the national debt and piling pressure on future taxpayers.
Bond markets and international investors aren’t fooled by Reeves’s desperate search for scapegoats. They know exactly who’s to blame for the UK’s looming fiscal crisis.
The Chancellor has lost control of the UK finances and left the UK in a uniquely vulnerable position.
Nigel Farage didn’t do that. Brexit didn’t do that. Rachel Reeves did it. And given that she’s the most unpopular Chancellor EVER, voters clearly agree.