No surprise Sir Keir Starmer goes overseas “for a couple of days” over New 12 months. The financial information right here within the UK is unrelentingly gloomy.
The prime minister’s spokesman says the newest GDP figures present “the problem of fixing the financial system and public figures is large and will not occur in a single day”.
Too proper. The figures counsel the economy is flatlining and there was no financial development in July, August and September this yr: in different phrases, for the reason that 4 July election.
However is it the Tories’ fault, as Quantity 10 claims: the “£22bn black hole” and all that? Or is Rachel Reeves’ finances that is responsible, because the Tories insist?
Nicely, the poor development figures absolutely cannot be blamed on the finances, as a result of that wasn’t till 30 October, although gloomy predictions might have contributed.
And the “black gap”? Labour ministers always blame that for every part from unpopular tax rises to overcrowded prisons, a “damaged” NHS and polluted rivers.
Why has development floor to a halt?
However it’s not simply the disappointing GDP figures that may have Sir Keir heading for the solar lounger. (And, to be honest, the summer season riots did wreck his August vacation plans.)
The CBI, which represents scores of UK corporations, claims the financial system is heading for “the worst of all worlds” and Bank of England governor Andrew Bailey last week expressed alarm over the finances tax hikes.
Cue Tory outrage: shadow enterprise secretary Andrew Griffith slammed “a recession made in Downing Avenue” and shadow chancellor Mel Stride claimed: “The warning lights are flashing.”
Richard Holden, the shadow paymaster common, even referred to as the chancellor a “modern-day Grinch”, the mean-spirited character who stole an entire city’s Christmas presents.
The explanation: the Tories declare charities will hand over a complete of £6.3bn in nationwide insurance coverage funds to HMRC subsequent yr, 45% of the near-£14bn donated by the general public.
Extra ominously, Paul Johnson of the Institute for Fiscal Research warned after the GDP figures that the chancellor might have to “come again for but more cash” subsequent autumn.
Learn extra:
Biggest tax rise since 1993 in budget
Prisoners sent to less secure cells after overcrowding
NHS league tables to be introduced in bid to improve NHS
Four water firms blamed for 90% of pollution incidents
Maintain on, although. The chancellor did inform the CBI final month she would not want to lift taxes once more.
Nicely, sure, however Sir Keir would not repeat her pledge at Prime Minister’s Questions.
When he appeared earlier than the Liaison Committee of senior MPs final Thursday, the prime minister stated: “One of many greatest errors, I believe, of the final 14 years was the concept every part could possibly be mounted by Christmas.”
OK. We get the message. Fixing the financial system and restoring development will take time. Even Kemi Badenoch agrees, it appears.
She’s instructed an interviewer she will not “rush out” insurance policies and there isn’t any “fast repair” for the Tories.
“I haven’t got as a lot time as I would really like,” she says. Actually?
“4 years even, for my part, will not be sufficient time to do what we need to do,” she says, “which is a revolution by way of how the state works and the way our society features.”
In order we strategy the flip of the yr, each essential events are asking voters to be affected person in 2025. Good luck, as they are saying, with that.
Dangerous financial information, unhealthy ballot rankings… It was reported on the weekend that Sir Keir “badly wants a vacation” owing to the “relentless pressure” of the job, based on pals.
Do not forget the solar cream, prime minister!
