Laura Trott (Image: Getty)
After the many difficult decisions we took in Government, Rachel Reeves is the inheritor of the fastest growing economy in the G7, with inflation on target and lower than the US and Europe, business investment growing, unemployment low and taxes starting to come down.
This is in stark contrast to the economic inheritance the Conservatives were given in 2010 from the Labour Party.
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At the last Budget before the 2010 general election, debt was forecast to be rising in every single year of the forecast.
The deficit was forecast to be 11.8% in the year Labour left office, then forecast to fall only to 4% over the next five years.
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Compare that with the last OBR forecast under the Conservatives from March this year: debt is forecast to fall from next year then in every year of the forecast, the is deficit 4.4% this year, and due to fall to 1.2% in five years' time.
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The big difference between now and 2010 is this: as Conservatives, we have done the heavy lifting fixing the public finances from the economic shocks we had to deal with in government. In 2010, Labour absolutely failed to do that.
The other big difference between now and 2010 is that, unlike 14 years ago when we came to power, Labour know exactly the state of the public finances they are inheriting, because we established the independent Office of Budget of Responsibility to ensure full transparency.
And the new Labour Government knows this. During the election the new Chancellor Rachel Reeves conceded that “we have the OBR now”, so it would be disingenuous for them to claim things are somehow worse than they expected.
Public spending is fully transparent in Parliament through the estimates process.
As Paul Johnson from the independent Institute of Fiscal Studies says “The books are wide open”.
Labour made promises in the campaign in full knowledge of the constraints on the public finances. Our job now is to hold Labour to them.
They promised no tax rises on working people and no plans for tax rises beyond what’s in their manifesto.
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They can’t use flimsy excuses and reviews to justify changing this. It won’t wash.
And they must not duck the hard decisions coming their way.
With the public sector pay reviews coming up, Reeves faces a choice. She will either need to be tough but fair on public sector pay, and ask departments to take on some of the burden, as we did, or dramatically raise spending beyond the current plans, driving up inflation for everyone.
She must manage down spending pressures as we had to do every year. And she needs to actually drive forward productivity in the public sector, we had a plan to make ￡20bn of productivity improvements, she must continue this work.
We Conservatives now have to reflect on the election result and take time to elect a new leader.
But whilst this is in process, we will not let up on holding Labour to account, to do the important job of opposition on behalf of the country.
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And Labour promised not to raise taxes on working people.
They did this with fully open books, with full awareness of the economic situation and public finances.
Any claims otherwise are misleading and wrong, and we will be here to call them out.
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