OPINION
Rachel Reeves reckons she's stabilised the economy (Image: PA)
By any measure the supposed transformation has been remarkable. Around eight months ago when she delivered her budget, Chancellor Rachel Reeves painted a picture of a near-broken Britain, a country saddled with debt. Wind the clock on and last week we were told we are now on the dawn of a new era as she unveiled a blueprint for growth and recovery, in part largely because she has “stabilised” the economy.
It gives me zero pleasure to talk the country down, I want it to work for me and for my family as much as anyone, but the reality lies a long, long way from Reeves’ ramblings – as just about every indicator shows. For a start, what do the Office for Budget Responsibility and the Bank of England have in common? They have both downgraded their forecasts for UK economic growth, one of them by more than 50%.
Article continues below ADVERTISEMENT
Fly New York to Paris in Luxury with La CompagnieFor business travel this summer, La Compagnie offers an all-business-class experience from New York to Paris. Enjoy comfort, efficiency, and top-tier service, making your journey as productive as it is luxurious.La Compagnie | Sponsored Sponsored
Book Now
Undo
DON'T MISS
Powered by
What time is the Spending Review? Rachel Reeves set for huge announcement
18 Comments
Rachel Reeves facing three-way crash that will leave Labour a smoking wreckage
32 Comments
Reform rips into Bank of England's 'misuse of taxpayers' money' after Bailey's warning
42 Comments
Rachel Reeves is a deluded fantasist whose plan is as lightweight as her persona
152 Comments
Rachel Reeves has crushed hopes of economic recovery as spectre of tax rises looms
30 Comments
Rachel Reeves set for axe as 'vultures circle' after terrible week for UK economy
1222 Comments
Russian economy meltdown as black market 'booming' and 'nothing's off limits'
2 Comments
What is the Spending Review and what could Rachel Reeves announce?
8 Comments
Thatcher's think tank shows state spending rocketing under Rachel Reeves
27 Comments
Rachel Reeves just blew ￡600billion - this autumn YOU will get the bill
313 Comments
Kemi Badenoch takes swipe at Rachel Reeves over economic disaster
546 Comments
Rachel Reeves makes desperate ￡725bn attempt to save UK from complete ruin
467 Comments
Mortgage misery for 8.4m amid Bank of England fears over 'unreliable' numbers
4 Comments
Britain is now a 'gnat's whisker' from tax rises as state mushrooms
12 Comments
Veterans Tribute Bottle: A Must-Have for Whisky Collectorstopchicdeals | Sponsored Sponsored
Read More
Undo
Crazed Rachel Reeves maxed out UK credit card - now she's back for more!
57 Comments
GB News star blasts Rachel Reeves' right-hand man in explosive row: 'Take responsibility!'
169 Comments
Dating for Senior Singles in Nevadasecretmeet | Sponsored Sponsored
Undo
Rachel Reeves humiliated on BBC Breakfast as she gives 4-word response to new blow
361 Comments
Rachel Reeves torn to shreds as boast of 'fixing' UK economy blown apart
26 Comments
Experts Urge Seniors With Muscle Loss To Take This Key Nutrient DailyNative Creatine | Sponsored Sponsored
Learn More
Undo
Rachel Reeves plans Elon Musk-style waste cutting drive to make her sums add up
43 Comments
Rachel Reeves set to hit UK economy with 'double debt mountain' in 15 hours
31 Comments
Urologist: Swollen Prostate? Do This ImmediatelyHealth Paradise | Sponsored Sponsored
Learn More
What time is the Spending Review? Rachel Reeves set for huge announcement
18 Comments
Rachel Reeves facing three-way crash that will leave Labour a smoking wreckage
32 Comments
Reform rips into Bank of England's 'misuse of taxpayers' money' after Bailey's warning
42 Comments
Rachel Reeves is a deluded fantasist whose plan is as lightweight as her persona
152 Comments
Rachel Reeves has crushed hopes of economic recovery as spectre of tax rises looms
30 Comments
Rachel Reeves set for axe as 'vultures circle' after terrible week for UK economy
1222 Comments
Russian economy meltdown as black market 'booming' and 'nothing's off limits'
2 Comments
What is the Spending Review and what could Rachel Reeves announce?
8 Comments
Thatcher's think tank shows state spending rocketing under Rachel Reeves
27 Comments
Rachel Reeves just blew ￡600billion - this autumn YOU will get the bill
313 Comments
Kemi Badenoch takes swipe at Rachel Reeves over economic disaster
546 Comments
Rachel Reeves makes desperate ￡725bn attempt to save UK from complete ruin
467 Comments
Mortgage misery for 8.4m amid Bank of England fears over 'unreliable' numbers
4 Comments
Britain is now a 'gnat's whisker' from tax rises as state mushrooms
12 Comments
Crazed Rachel Reeves maxed out UK credit card - now she's back for more!
57 Comments
GB News star blasts Rachel Reeves' right-hand man in explosive row: 'Take responsibility!'
169 Comments
Rachel Reeves humiliated on BBC Breakfast as she gives 4-word response to new blow
361 Comments
Rachel Reeves torn to shreds as boast of 'fixing' UK economy blown apart
26 Comments
Rachel Reeves plans Elon Musk-style waste cutting drive to make her sums add up
43 Comments
Rachel Reeves set to hit UK economy with 'double debt mountain' in 15 hours
31 Comments
What time is the Spending Review? Rachel Reeves set for huge announcement
18 Comments
Rachel Reeves facing three-way crash that will leave Labour a smoking wreckage
32 Comments
Reform rips into Bank of England's 'misuse of taxpayers' money' after Bailey's warning
42 Comments
Rachel Reeves is a deluded fantasist whose plan is as lightweight as her persona
152 Comments
Rachel Reeves has crushed hopes of economic recovery as spectre of tax rises looms
30 Comments
Rachel Reeves set for axe as 'vultures circle' after terrible week for UK economy
1222 Comments
Russian economy meltdown as black market 'booming' and 'nothing's off limits'
2 Comments
Trending
SUBSCRIBE Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
Unemployment is up by 276,000, the number of job vacancies is down, inflation is back up at 3.5%, GDP contracted by more than was feared in April and with the national debt nudging ￡3 trillion, the interest alone on debt repayments comes in at more than ￡105 billion, greater than the annual budget for defence.
And I’ve not even mentioned business confidence, the number of pay roll employees falling drastically (which speaks to firms’ lack of ambition to hire staff) and consumer spending.
Powered By
10 Sec
21.1K
3
Christian Calgie reacts to Rachel Reeves' Spending Review
Next
Stay
The truth is this economy is as “stable” as England’s defence under talentless Thomas Tuchel. As most financial commentators last week agreed over the fate of the Chancellor, this looks like her final round in the last chance saloon.
Sponsored
Classic Suduku | Sponsored Sponsored
Download
Sudoku That Feels Like Pen & Paper
Undo
As for the Government’s desire to spend , spend, spend, what’s not to like about extra investment in the NHS, education, defence and more jail spaces?
The answer to which is a simple four letter word: cost. And never lose sight of the fact that each and every time a government minister pledges to spend more on anything from military to medicines, it is our money they are wilfully splurging.
DON'T MISS
Powered by
What time is the Spending Review? Rachel Reeves set for huge announcement
18 Comments
Rachel Reeves facing three-way crash that will leave Labour a smoking wreckage
32 Comments
Reform rips into Bank of England's 'misuse of taxpayers' money' after Bailey's warning
42 Comments
Rachel Reeves is a deluded fantasist whose plan is as lightweight as her persona
152 Comments
Rachel Reeves has crushed hopes of economic recovery as spectre of tax rises looms
30 Comments
Rachel Reeves set for axe as 'vultures circle' after terrible week for UK economy
1222 Comments
Russian economy meltdown as black market 'booming' and 'nothing's off limits'
2 Comments
What is the Spending Review and what could Rachel Reeves announce?
8 Comments
Thatcher's think tank shows state spending rocketing under Rachel Reeves
27 Comments
Rachel Reeves just blew ￡600billion - this autumn YOU will get the bill
313 Comments
Kemi Badenoch takes swipe at Rachel Reeves over economic disaster
546 Comments
Rachel Reeves makes desperate ￡725bn attempt to save UK from complete ruin
467 Comments
Mortgage misery for 8.4m amid Bank of England fears over 'unreliable' numbers
4 Comments
Britain is now a 'gnat's whisker' from tax rises as state mushrooms
12 Comments
This Cooling Bed Only The Best Dogs DeservePelsbarn | Sponsored Sponsored
Learn More
Undo
Crazed Rachel Reeves maxed out UK credit card - now she's back for more!
57 Comments
GB News star blasts Rachel Reeves' right-hand man in explosive row: 'Take responsibility!'
169 Comments
Expert Says This Drugstore "Dark Spot" Cream is Actually Worth ItVibriance | Sponsored Sponsored
Learn More
Undo
Rachel Reeves humiliated on BBC Breakfast as she gives 4-word response to new blow
361 Comments
Rachel Reeves torn to shreds as boast of 'fixing' UK economy blown apart
26 Comments
Dating for Senior Singles in Las Vegassecretmeet | Sponsored Sponsored
Undo
Rachel Reeves plans Elon Musk-style waste cutting drive to make her sums add up
43 Comments
Rachel Reeves set to hit UK economy with 'double debt mountain' in 15 hours
31 Comments
The Lace Comfort Bra Is Taking Nevada By StormGraddi | Sponsored Sponsored
Read More
Undo
What time is the Spending Review? Rachel Reeves set for huge announcement
18 Comments
Rachel Reeves facing three-way crash that will leave Labour a smoking wreckage
32 Comments
Costco Shoppers Say This Wrinkle Serum Is Actually Worth ItBest Of Beauty | Sponsored Sponsored
Get Coupon
Undo
Reform rips into Bank of England's 'misuse of taxpayers' money' after Bailey's warning
42 Comments
Rachel Reeves is a deluded fantasist whose plan is as lightweight as her persona
152 Comments
Amazon Worst Nightmare: Shoppers Are Rethinking About Prime For This Clever HackOnline Shopping Tools | Sponsored Sponsored
Undo
Rachel Reeves has crushed hopes of economic recovery as spectre of tax rises looms
30 Comments
Rachel Reeves set for axe as 'vultures circle' after terrible week for UK economy
1222 Comments
Side Sleepers With Neck Pain: Try This "Pillow Trick" TonightSleep Digest Publication | Sponsored Sponsored
Learn More
Undo
Russian economy meltdown as black market 'booming' and 'nothing's off limits'
2 Comments
What is the Spending Review and what could Rachel Reeves announce?
8 Comments
SS Recipients Under $2,438 Monthly Entitled 7 BenefitsBetter Finances | Sponsored Sponsored
Learn More
Undo
Thatcher's think tank shows state spending rocketing under Rachel Reeves
27 Comments
Rachel Reeves just blew ￡600billion - this autumn YOU will get the bill
313 Comments
These Are The Rolls-Royce Of Hearing Aids (And Under $100)Top Trending News Today | Sponsored Sponsored
Learn More
Undo
Kemi Badenoch takes swipe at Rachel Reeves over economic disaster
546 Comments
Rachel Reeves makes desperate ￡725bn attempt to save UK from complete ruin
467 Comments
Here's The Average Price of a 6-Hour Gutter Upgrade in Las VegasHomebuddy.com | Sponsored Sponsored
Read More
Undo
Mortgage misery for 8.4m amid Bank of England fears over 'unreliable' numbers
4 Comments
Britain is now a 'gnat's whisker' from tax rises as state mushrooms
12 Comments
Crazed Rachel Reeves maxed out UK credit card - now she's back for more!
57 Comments
GB News star blasts Rachel Reeves' right-hand man in explosive row: 'Take responsibility!'
169 Comments
Rachel Reeves humiliated on BBC Breakfast as she gives 4-word response to new blow
361 Comments
Rachel Reeves torn to shreds as boast of 'fixing' UK economy blown apart
26 Comments
Rachel Reeves plans Elon Musk-style waste cutting drive to make her sums add up
43 Comments
Rachel Reeves set to hit UK economy with 'double debt mountain' in 15 hours
31 Comments
What time is the Spending Review? Rachel Reeves set for huge announcement
18 Comments
Rachel Reeves facing three-way crash that will leave Labour a smoking wreckage
32 Comments
Reform rips into Bank of England's 'misuse of taxpayers' money' after Bailey's warning
42 Comments
Rachel Reeves is a deluded fantasist whose plan is as lightweight as her persona
152 Comments
Rachel Reeves has crushed hopes of economic recovery as spectre of tax rises looms
30 Comments
Rachel Reeves set for axe as 'vultures circle' after terrible week for UK economy
1222 Comments
Russian economy meltdown as black market 'booming' and 'nothing's off limits'
2 Comments
Jaws Whiskey Cup: A Must-Have for Movie Fans and CollectorsGraddi
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Windows Users Don't Forget To Do This Before Mondaylifestyletechtips.com
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
If You Drink Almond Milk Everyday, This Is What HappensGundry MD
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
This Overlooked Gas Play May Be the Quiet Winner of the AI RevolutionTop Wealth Guru
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Billions on this, billions on that and even billions on the other - every last penny is funded by US! As I challenged Chancellor Rachel Reeves on my show last week about how this eye-catching largesse would be funded, the glaring disingenuous of her responses to me – and other interviewers – was exposed.
“There is nothing in this spending review that I have announced that will require any additional lift in taxes,” she told me.
While we must all hope she is right, virtually every financial expert disagrees and whatever the outcome, ‘taxing’ times lay ahead for this under fire Chancellor.