THE forward march of Keir Starmer’s Labour Party continues.
With the UK economy still struggling after being crashed by former PM and chancellor Liz Truss and Kwasi Kwarteng a year ago, Labour’s Keir Starmer and Rachel Reeves may prove to be unable – or worse, unwilling – to help recover itParty of Starmer and Reeves is unable – and unwilling – to reverse the miseries caused by 13 years of Tory ruleTwenty points ahead in the polls and buoyed by recent by-election victories, Labour are in “1996 territory”, according to Strathclyde’s Professor John...
The economic crash had been caused not by City largesse, he insisted, but by reckless Labour overspending, leaving the Tories as the only sober custodians of Britain’s public finances. The volte-face worked. And yet, despite Osborne’s scorched-earth approach, by the end of the 2010-2015 parliament, Britain’s budget deficit remained stubbornly high.
Wary of their Eurosceptic backbenchers, and with Ukip threatening a surge south of the Border, Osborne and David Cameron had reluctantly committed to a referendum on Britain’s EU membership. Then, following the Truss calamity, the coronation of Jeremy Hunt as chancellor and Rishi Sunak as prime minister signalled – or was meant to signal – a restoration of the old “balance-book” instincts of the Treasury.
According to some projections, by the end of this decade, Britain will have a lower GDP per capita than former Eastern bloc countries like Poland.THIS is the mess that awaits Starmer if he wins the next UK General Election. Since entering the White House, President Joe Biden has broken with the free-market nostrums that shaped America’s post-Cold War economic policy. Biden has leaned into an interventionist industrial strategy – crystallised in his $500 billion Inflation Reduction Act – which aims to rebuild US manufacturing capacity, re-shore lost industrial jobs, and secure American supply chains from potentially hostile powers.
In a paper that was published to coincide with her visit to DC, Reeves wrote: “A modern state must be more active, making and shaping markets that are essential to a nation’s resilience and future prosperity”. Labour also proposed a National Wealth Fund back in 2022 – an £8 billion package that grants the British government an equity stake in key strategic sectors, including “clean” steel plants, battery factories and ports.
Reeves has also ruled out tax increases on the wealthy, stating that there will be no increase in capital gains tax or income tax on top earners. As a General Election approaches, the Labour leadership is doubling down on these hawkish positions and retreating from key elements of “British Bidenomics”.
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Leaders of two Labour-led councils call on Keir Starmer to resignTHE leaders of two Labour-led councils have called on Keir Starmer to “consider his position” as he maintains his refusal to back a ceasefire…
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Leaders of Labour-led councils call on Keir Starmer to resignTHE leaders of two Labour-led councils have called on Keir Starmer to “consider his position” as he maintains his refusal to back a ceasefire…
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Exclusive: Keir Starmer Warns Labour Rebels He Will Not U-Turn On Israel-Hamas WarKevin Schofield is Politics Editor of HuffPost UK.
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