Category Archives: Rachel Reeves

Wealth taxes could raise £10bn to help plug Tory budget hole, say economists

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Reforms to inheritance and capital gains taxes could reduce £20bn shortfall and combat UK’s widening wealth gap

Rachel Reeves could quickly find around £10bn a year to plug half of the fiscal hole left by the Conservatives if she were to raise taxes on soaring levels of unearned wealth, according to leading economists.

New research by the independent Resolution Foundation published today finds that Britain is a country of “booming wealth” but “busted wealth taxes”, leaving ample potential for the chancellor of the exchequer to raise desperately needed funds by raising taxes on the richest.

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Rachel Reeves to delay some of Tories’ ‘unfunded’ road and hospital projects

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Chancellor attempts to plug £20bn hole in spending but will commit to above-inflation public sector pay rise

Rachel Reeves is to delay a number of “unfunded” road and hospital projects on Monday as part of the Treasury’s anticipated plans to plug an apparent £20bn hole in spending left by the Conservatives, while committing to an above-inflation public sector pay rise.

The chancellor is expected to argue she has inherited capital projects that are “unfunded with unfeasible timelines” as part of her Treasury audit report to the Commons. The audit will be seen as an indication of the government’s early commitments and priorities.

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Rachel Reeves expected to reveal £20bn shortfall in public finances

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Chancellor may raise some taxes in the autumn due to what Labour describes as its ‘shocking inheritance’ from Tories

Rachel Reeves is expected to reveal a £20bn hole in government spending for essential public services on Monday, paving the way for potential tax rises in the autumn budget.

Labour sources said the blame lay with the Tory government, describing it as a “shocking inheritance” and accusing the former chancellor of “presiding over a black hole and still campaigning for tax cuts”.

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Labour facing moment of truth over tax pledges, economists warn

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Experts say 5.5% pay increase for public sector not ‘consistent’ with spending plans that rule out tax rises

Labour is fast approaching a moment of truth over its election pledges on tax and spending, experts have warned, after Rachel Reeves indicated the government could agree above-inflation pay rises for public sector staff.

The chancellor promised a full statement on pay board recommendations that teachers and NHS workers should receive 5.5% pay awards, ahead of an autumn budget that is set to be one of the most difficult economic balancing acts in years.

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Wetherspoon’s boss Tim Martin praises economic ‘pedigree’ of Rachel Reeves

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Brexit supporter calls for new chancellor to ‘rectify tax inequality’ in hospitality industry

Tim Martin, the politically outspoken boss of the JD Wetherspoon pub chain, has praised the new Labour chancellor’s economic “pedigree”, as he called for tax changes to help the struggling hospitality sector.

Martin regularly publishes economic and political commentary alongside his company’s results and has previously voiced support for Brexit and Boris Johnson.

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‘The adults are back in the room’: Treasury minister promises new approach as Starmer’s government starts work – UK politics live

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Darren Jones says Labour government will ‘return to service of British people’ as Keir Starmer continues his tour of the UK

Keir Starmer has met Northern Ireland first minister Michelle O’Neill and deputy first minister Emma Little-Pengelly in Belfast, PA Media reports. PA says:

The prime minister is visiting Belfast following his trip to Scotland on Sunday, and will also visit Wales to round off a visit to the three devolved nations.

He arrived at Stormont Castle early on Monday morning as he begins his first full week in office, ahead of travelling to the Nato summit in Washington on Tuesday.

I expect that we will be challenged in the House of Commons.

Of course the Conservatives suffered a historic loss, but that doesn’t mean there’s no opposition in the House of Commons and of course, we have the House of Lords to get any legislation through as well.

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French stock market swings to gain after election surprise; Britvic agrees to improved Carlsberg offer – business live

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Live coverage of business, economics and markets after New Popular Front is largest party in second round of France’s election, with far-right third

The French election has meant that Marine Le Pen’s far-right National Rally (RN) will not be in power, but it has not settled what France’s new government will look like.

The New Popular Front (NFP), the hastily arranged coalition of left-wing parties, won the most seats, but it is far short of a parliamentary majority. The result will mean a lot of negotiation to agree on who will be the new prime minister – let alone on achieving anything meaningful in governing the country.

The French parliament is more divided than ever, made up mainly of three blocs (Left – 182 seats, Centre – 168 seats, Extreme Right – 143 seats) and a number of smaller ones. As we predicted before the elections, no bloc can claim an absolute majority.

Minority government

French political parties “are not used to making concessions in order to create a programme around a coalition with other parties”, and the NFP’s most prominent figure, Jean-Luc Mélenchon demanded its entire programme be implemented. “If political parties maintain such positions, a long period of instability will ensue,” said Ledent.

Learning to cooperate

“Excluding the 80 MPs from the far left and the 145 from the far right, there are over 350 MPs left to form a broad coalition ready to reform France, taking into account the diversity of opinions. In other European countries, including Germany, such a configuration would be quite natural and would result in a government with a clear majority.

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UK general election live: Labour suspends candidate Kevin Craig over Gambling Commission probe

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Party says it acted after being contacted by the regulator about the candidate for Central Suffolk and North Ipswich

All along the course of the Thames, turning north, meandering south, passing through locks, historic landmarks, Richmond and Kew, swelling beneath the House of Commons with the turning tide, and on to Docklands and beyond – concern for the health of the Thames has led many other ordinary people, who live, work or play on the water, to take up the fight for the health of the river.

The last 15 years of decline in rivers suggests they have much to do. In 2009, a year before the Conservatives first took power in a coalition with the Liberal Democrats, a quarter of English rivers were judged as being of good ecological standard, a marker which examines the flow, habitat and biological quality; by 2022 not one river was in a healthy state.

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JK Rowling agrees to meeting with Labour about gender transition policy

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Author responds after shadow chancellor says party would be ‘really happy’ to ‘give her assurances’

JK Rowling has agreed to a meeting with Labour after Rachel Reeves said the party would be “really happy” to “give her assurances” over its plans to change the process through which people can legally change gender.

Speaking in Scotland, Reeves said protection for women-only spaces would “absolutely stay”, adding: “We’re not going to be changing anything around biological sex … We’re really happy to talk to JK Rowling to give her assurances about that.”

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Starmer’s growth plan ‘doomed’ without access to EU markets, warn economists

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Labour leader told if elected he will have to rejoin the customs union to meet party’s manifesto pledges, while 56% of voters say Brexit was bad for economy

A Labour government under Keir Starmer will fail to maximise the UK’s economic growth unless it takes the country back into the European Union’s single market and customs union, leading economists and diplomats have said.

The warnings come as an Opinium poll for the Observer finds that 56% of voters now believe Brexit has been bad for the UK economy as a whole, compared with just 12% who believe it has been economically beneficial.

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Tory government ‘worst in postwar era’, claims expert study – as it happened

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Sir Anthony Seldon leads analysis that concludes that equality, growth and the UK’s standing in the world have all declined since 2010

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And here are some of the best pictures from yesterday’s campaigning. As more voting people than ever appear poised to turn away from the Tories, Sunak appeared in several photographs with sheep and lobsters as he visited North Devon, held by the Tories since 2015. The Guardian’s Archie bland named the sheep the “Dubious photo opportunity of the day”, after the sheep ran away:

Starmer, meanwhile, appeared on LBC where he clarified that Premier League Football Clubs would not be subject to a 10% transfer tax to fund clubs lower down the pyramid. “Let me just kill it dead, we’re not looking at that,” Starmer said. He also visited a tennis club and a pub in Reading West and mid Berkshire.

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Expert economists back Labour’s plan to end economic stagnation in UK

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Nobel prize winners and former Bank of England officials believe Rachel Reeves and Keir Starmer can bring about ‘desperately needed’ change

Labour’s plans for ending Britain’s long-term economic stagnation have been backed by a group of leading economists, including three Nobel prize winners and a former Bank of England deputy governor.

In a boost to the shadow chancellor, Rachel Reeves, the 16 UK and internationally based economists said change was “desperately needed” after the policy mistakes and failures of the past 14 years since the Conservatives took power.

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Nigel Farage claims young people have had their minds ‘poisoned’ with negative views about Britain – UK general election live

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Farage launches party manifesto in traditional Labour stronghold of Merthyr Tydfil

Keir Starmer and Rachel Reeves have been campaigning in Hampshire this morning. Stefan Rousseau from PA Media took this picture of them on the train.

The SNP has called for a social tariff that would guarantee cheap energy bills for people who are poor, disabled or elderly.

We believe that there are certain things that every citizen should have access to as a right. Healthcare free at the point of need, a social security safety net, pensions for older people, and free education including free university tuition.

But it is time that we recognised that these rights need to go further, to reflect the realities of the modern world.

Connectivity – fast broadband and good mobile phone connections – are critical to modern life. In fact, in rural Scotland and the Isles, it is critical to the whole future of the economy.
As more and more people work from home at least part of the week, often you literally cannot do your job without a decent internet connection. That’s why, to help people get jobs, keep jobs and keep more of their hard-earned cash, there should be a social tariff for broadband and mobile charges too.

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Labour would try to improve UK’s post-Brexit trade deal with EU, says Reeves

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Shadow chancellor’s remarks mark shift in tone for party, which has preferred to not talk about Brexit so far

Labour would try to improve elements of the UK’s trade deal with the EU, Rachel Reeves has indicated, saying also that most financial services companies have “not regarded Brexit as being a great opportunity for their businesses”.

While Labour remains committed to not making any major changes to Brexit, the shadow chancellor’s comments show that the party could nonetheless make more policy moves on EU trade links than previously believed.

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Starmer promises ‘long-term strategy’ in business-friendly Labour manifesto

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Labour puts economic policy and wealth creation at heart of pitch to win over former Conservative voters

Keir Starmer will put economic growth and wealth creation at the heart of Labour’s offer to voters as he launches a business-friendly manifesto targeted at former Conservative voters.

The Labour leader will launch his election manifesto in Greater Manchester on Thursday, promising to emphasise economic stability in a deliberate contrast to the Conservatives’ more policy-heavy offering earlier this week.

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UK politics: Anas Sarwar says election is about ‘getting rid of Tories’, not Scottish independence – as it happened

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Leaders of Scotland’s five main political parties clash during live TV debate

Momentum, the leftwing Labour group set up when Jeremy Corbyn was leader, is not happy about Keir Starmer’s jibe about Corbyn’s manifesto.

Labour’s 2019 manifesto was fully costed.

Keir should know, he stood on it as a member of the shadow cabinet.

How about stopping attacking your own side during an election @Keir_Starmer?

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SNP says Scottish Labour is rewriting party’s spending plans in TV debate

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John Swinney claims Anas Sarwar not keeping to Rachel Reeves’s constraints on NHS, schools and renewables funding as leaders clash

The SNP has accused Scottish Labour of “completely rewriting” Rachel Reeves’s spending plans, as the party leaders took part in the first televised debate of the election campaign.

The clash between the the SNP, Scottish Labour, Scottish Conservatives and Scottish Liberal Democrats was screened by STV, without a studio audience, and involved intensive cross-examination of each leader by his political rivals.

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Rachel Reeves will vow to lead most ‘pro-growth’ Treasury in UK history

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Labour will strike balance between workers’ needs and business interests, shadow chancellor to tell bosses

Rachel Reeves will pledge on Tuesday to lead the most “pro-growth” Treasury in UK history if Labour wins the general election.

Addressing business leaders, the shadow chancellor is poised to claim her party would “return to the centre ground of politics” by striking a balance between workers’ needs and business interests.

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Rachel Reeves slams ‘desperate and reckless’ Sunak over £64bn tax pledges

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The shadow chancellor has accused Conservatives of making unfunded financial commitments after calling a snap election

Shadow chancellor Rachel Reeves accuses the Tories of making £64bn of unfunded spending commitments in a “desperate and reckless” effort to rescue their gaffe-strewn general election campaign.

Speaking to the Observer, Reeves said that what appeared to be pledges to slash taxes – including national insurance, income tax and inheritance tax – were reminiscent of Liz Truss’s catastrophic mini-budget and showed the Conservatives had learnt nothing from her disastrous time at No 10.

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Rachel Reeves accuses Tories of ‘gaslighting’ public over economy

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Shadow chancellor will highlight Labour’s plans to boost economy and say Conservatives are ‘out of touch’

Rachel Reeves will draw the economic battle lines for the next general election on Tuesday, challenging the government’s claims that the economy is turning a corner when millions are still struggling with the cost of living.

The shadow chancellor will accuse Rishi Sunak and Jeremy Hunt of “gaslighting” the public with over-optimistic statements about the UK economy that are “out of touch” with most people’s lives.

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