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Rachel Reeves is driving economy to crisis point – every reason it's 1970s all over again

2025-06-15 00:00:00.0 每日快报-政治原网页

OPINION

Rachel Reeves is driving the economy to crisis point (Image: PA)

It is said that the definition of insanity is doing the same thing over and over again and expecting a different result. Chancellor Rachel Reeves would do well to take note. Her Spending Review revealed that Whitehall budgets would increase overall by 2.3%. Not once did she mention how any of this would be paid for. The next day, the Office for National Statistics released the latest Gross Domestic Product (GDP) figures that showed that the UK economy had shrunk by 0.3%. For a Chancellor who is pinning her hopes on growing the economy this is a devastating blow.

It looks like she will need to raise taxes later this year to fund her borrowing addiction. And if we continue at this rate, our economy will be trashed. Am I alone in fearing it is starting to feel like the 1970s all over again when, in 1976, Britain was forced to go cap in hand to the International Monetary Fund for a financial bailout? I suspect not.

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Funnily enough, it was a Labour government attempting to manage the country’s finances then when the plea for cash was made. Whilst the circumstances were slightly different back then, the essence of an economy heading towards crisis remains the same.

I grew up in the 1970s – a decade that was chaotic, both politically and culturally. There are some timely comparisons between then and now.

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Back then, if you were watching the nightly news on your rented television with only three channels and certainly no remote control, you would have seen the kind of pictures that we have all seen recently in the last several days.

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Of course she made mistakes along the way, but a dose of tough medicine was much needed by a country rudderless and in distress. Who is the modern-day equivalent of Mrs T?

Kemi Badenoch and Nigel Farage are the obvious possibilities for now, but we are not yet fully clear on what they either of them really stand for.

They both need to outline a clear and realistic costed plan and vision – not just soundbites delivered from behind a lectern. Britain is not quite yet on the brink of insanity, but some days it does feel we are making the same mistakes of the 1970s all over again.

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