Rachel Reeves (Image: Getty)
Shadow Chancellor Rachel Reeves was likened to Gordon Brown last night (Mon) amid warnings Labour would saddle millions of Britons with higher taxes.
The Labour frontbencher’s economic policies would also ramp up unemployemnt and take the country “back to square one”.
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The pre-emptive strike from the Tories came ahead of a speech in which Ms Reeves will seek to draw economic battle lines between the two parties.
She will accuse the Government of “gaslighting” the public about the economy, saying ministers’ over-optimistic statements are “out of touch” with Britons still struggling with the cost of living.
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But her attempts to get on the front foot are likely to be overshadowed economic data later this week that is expected to show the economy is improving.
The Shadow Chancellor is expected to try and pour cold water on the recovery, saying Rishi Sunak and Jeremy Hunt’s likely message of an improving economy is “deluded”.
In a speech in the City of London, she will say voters at the general election have a choice between “five more years of chaos” with the Tories or “stability” with Sir Keir Starmer’s party.
As Labour celebrates a string of victories in regional mayoral contests, local elections and a by-election in Blackpool South, Ms Reeves will say the results showed that people “voted for change”.
Her intervention comes ahead of the Bank of England’s latest interest rates decision on Thursday and figures covering the economy’s performance over the first three months of this year on Friday.
Economists are widely expecting the Bank’s Monetary Policy Committee to keep rates at the current level of 5.25%.
Gordon Brown (Image: Getty)
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But ministers may be more cheered by the Office for National Statistics’ quarterly GDP data, which is expected to show the UK has exited a mini-recession.
Ms Reeves will tell business leaders: “By the time of the next election, we can, and should, expect interest rates to be cut, Britain to be out of recession and inflation to have returned to the Bank of England’s target.
“Indeed, these things could happen this month.
“I already know what the Chancellor will say in response to one or all these events happening. He has been saying it for months now: ‘The economy is turning a corner,’ ‘our plan is working,’ ‘stick with us.’
“I want to take those arguments head on because they do not speak to the economic reality”.
She will continue: “During the local elections I travelled across the country. I spoke to hundreds of people.
“And when they hear Government ministers telling them that they have never had it so good, that they should look out for the ‘feelgood factor,’ all they hear is a Government that is deluded and completely out of touch with the realities on the ground.
“The Conservatives are gaslighting the British public.”
Labour will fight the election, expected later this year, on the economy, Ms Reeves will say.
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She will point to plans to establish a national wealth fund to deliver private and public investment, reform planning laws to build 1.5 million homes, and create 650,000 jobs in the UK’s industrial heartlands.
Richard Holden, Chairman of the Conservative Party, said: “The personnel may change but the Labour Party hasn’t. Rachel Reeves still hero-worships Gordon Brown, who sold off our gold reserves and whose hubris took Britain to the brink of financial collapse.
“Labour have no plan and would take us back to square one with higher taxes, higher unemployment, an illegal amnesty on immigration and a plot to betray pensioners, just like Gordon Brown did.”
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