Keir Starmer (Image: Getty)
Keir Starmer’s Labour government is set to spend a colossal ￡6.43 trillion by 2029, new research shows. The staggering expenditure will see Sir Keir become the second highest spending Prime Minister since the Second World War. Four of the ten biggest spending years in that period will be during his time in office. Analysis by the TaxPayers’ Alliance reveals that the government is expected to spend an average of 45% GDP per year. This is only just behind Boris Johnson at 45.4% GDP.
But Mr Johnson’s numbers are distorted by the pandemic years, meaning that of the ten financial years with the highest spending since 1948, Sir Keir will have presided over four by the end of the parliament. On the current trajectory, the analysis also reveals that by the end of the parliament, real terms public spending will be more than double what it was at the turn of the millennium.
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Boris Johnson (Image: Getty)
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It will mean that by 2029-30, public spending per household is set to reach ￡45,184, up from ￡43,670 in 2024-25.
The TaxPayers’ Alliance’s debt clock shows the UK’s national debt, using the definition of public sector net debt excluding the Bank of England, growing at ￡6,284 per second or ￡543 million per day.
John O’Connell, chief executive of the TaxPayers' Alliance, said: "The talk of spending cuts in the upcoming spring statement shouldn’t fool anyone given the terrifying trajectory of the size of the state.
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“Even if Reeves manages to trim some of the fat on Wednesday, the reality will still be one of austerity for taxpayers and prosperity for the public sector.
“Labour must not allow some sensible decisions on quangos, government credit cards and welfare to convince them that they’ve done anymore than the bare minimum in recent weeks.”
Prime Minister ranked by average public spending (Image: TaxPayers Alliance)
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Maxwell Marlow, Director of Public Affairs at the Adam Smith Institute, said: “These figures should be ringing alarm bells at the very top of government. The rate at which the UK’s national debt is increasing is completely unsustainable.
"But sadly they are indicative of the state’s addiction to spending taxpayers’- whether it’s today’s taxpayers’ or their future grandchildren’s- money.
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“The problem will only get worse. British public services are inefficient and yet are still swallowing more and more of our cash and the welfare bill is skyrocketing- yet it is clear that politicians have no idea how they are going to pay for any of it.
"And now the government is set on driving away High Net Worth Individuals- and their taxes and economic output.
“The government must radically deregulate the economy, abolish wasteful QUANGOs, cut the welfare bill- in particular the state pension- and encourage more wealth-creators to come to the UK as a matter of urgency”.