OPINION

       Rachel Reeves is ensuring economic catastrophe (Image: PA)

       I suppose if the Government is determined to make a complete Horlicks of the economy then they might as well add some bitter syrup on the top. The car-crash autumn budget was economically illiterate and a failure by the Chancellor’s own measure of success, that of creating the all-important economic growth. While claiming to have found a ￡22 billion black hole (never confirmed and highly unlikely), Rachel Reeves carried on digging, creating a ￡70 billion plus chasm of additional spending. Much of this has been spaffed away on pay rises to placate her trade union mates, pay rises which produced nothing in return. The economics of Father Christmas and the magic money tree.

       To fund this, the Chancellor has hit business activity hard and business confidence has plummeted. In addition she has depressed consumer confidence and spooked the markets. To find this largesse with other people’s money, ie the taxpayer, she raised taxes by ￡40 billion and borrowed an additional ￡30 billion, thus depressing economic growth, the very opposite of what she claimed to be doing. Any business person would have told her this would happen, but she is a genius economist after all.

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       Rachel Reeves has simply trimmed the fat - her plan won't touch the sides

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       145 Comments

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       63 Comments

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       84 Comments

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       ‘It is not her fiscal rules that are preventing further borrowing, it is the potential reaction of the markets. The cost of government borrowing is already higher than under Liz Truss. We are already in a doom loop of potential stagflation. The latest Emergency Budget has now added public spending cuts to the economic crimes, charge list.

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       In fairness, cutting the cost of the state is long overdue and shame on the Conservative governments for allowing these costs to balloon.

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       There is also a certain schaudenfreud in watching the left, including the trade unions, squirm at these measures, in fear of austerity to come. But the Chancellor could have cut further and reduced business taxes. Major problems loom that may dwarf the bull-in-a-china-shop economics of Ms Reeves.

       Firstly, there is the small matter of the Net Zero wrecking ball being swung by Mad Ed Miliband. The cost of Britain’s quixotic, totally useless and enormously costly position on climate change is quite capable of derailing the economy single-handedly.

       The Government must do something to stop this insanity before UK industry and the prosperity of our people, are destroyed.

       Totally overlooked within this maelstrom of incompetence is the equally large wrecking ball wielded by Angela Rayner. Quietly passing through Parliament is a disastrous piece of legislation on employment rights which spells a return to 1970s-style industrial strife and unemployment, a drag on the economy and growth as well as a blocker of investment.

       The Independent Business Network (IBN), comprised of family firms, has just published a report on the Employment Rights Bill and concluded that it is a charter for business disaster and Britain’s decline.

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       It's a comprehensive set of rules designed to give trade unions power and the ability for them to raise funds. Unions will be able to demand access to businesses on the flimsiest of excuses, sign up members and rule over those who have invested, created and worked hard to produce jobs and wealth.

       Employees will be able to turn up on day one and have full rights as if they had been there for years: maternity pay, sick pay etc , a recipe for idlers and shirkers and will put in a bad light those with genuine issues.

       The attack on flexible working will cause problems not just for business but also consumers and people who enjoy seasonal or multi-job life styles. Unions should have no right to interfere in people’s lives.

       Ultimately it will reduce business investment, lead to higher unemployment and cause business people to give up what is a hard life. Is it any wonder that Labour governments leave office with higher unemployment than they started with?

       The official opposition should declare that they will repeal all of Labour’s economy damaging legislation as soon as they win power in a Great Repeal Act. This will at least give businesspeople hope that if they hang on, invest and work around they will see better days.

       I know so many businesses that are moving overseas to avoid the scourge of Labour, or would prefer to shut up shop than allow unions to take control. Many employees will feel the same as they are bossed around by militants straight out of the classic movie ‘I’m Alright Jack’.

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       Rachel Reeves' capital gains tax raid branded 'ridiculous' after ￡23bn hole forecast

       145 Comments

       Halifax issues 'emergency fund' update to customers after Rachel Reeves welfare cuts

       Comments

       'Rachel Reeves lays blame on anyone but herself as Labour fails on every front'

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       Boris Johnson issues devastating eight-word verdict after Rachel Reeves's budget

       84 Comments

       Fury as pothole budget set for cut after Keir Starmer hailed major cash boost

       51 Comments

       Rachel Reeves provokes widespread fury as she delivers savage cuts

       43 Comments

       Rachel Reeves humiliated as brutal tax to 'wipe out 200,000 jobs and ￡15bn from economy'

       35 Comments

       Rachel Reeves risks fresh Labour fury as she is set to announce 'further welfare cuts'

       24 Comments

       Rachel Reeves ￡2.2bn defence boost in desperate attempt to kickstart economy

       5 Comments

       Russian economy meltdown as GDP set to crash and credit growth tanks

       5 Comments

       Growth down, taxes up, borrowing berserk... and Rachel Reeves knows exactly who to blame

       525 Comments

       'Britain heading for calamity' says Conservative peer

       8 Comments

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       Rachel Reeves' capital gains tax raid branded 'ridiculous' after ￡23bn hole forecast

       145 Comments

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       Rachel Reeves humiliated as brutal tax to 'wipe out 200,000 jobs and ￡15bn from economy'

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       Growth down, taxes up, borrowing berserk... and Rachel Reeves knows exactly who to blame

       525 Comments

       'Britain heading for calamity' says Conservative peer

       8 Comments

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       Undo

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       11 Comments

       Rachel Reeves has chosen to leave one huge gaping hole in spring statement

       28 Comments

       US economy meltdown as stocks tumble in wake of Donald Trump tariffs

       246 Comments

       Businesses blame Rachel Reeves for unsustainable costs that could make them go bust

       1 Comments

       State pensions update as Rachel Reeves tipped to tax 'juicy target'

       34 Comments

       Angela Rayner dealt huge blow as she faces 'watering down' major plan

       60 Comments

       Rachel Reeves, here are three reasons Labour is ensuring stagnation

       38 Comments

       Rachel Reeves has simply trimmed the fat - her plan won't touch the sides

       9 Comments

       Rachel Reeves' capital gains tax raid branded 'ridiculous' after ￡23bn hole forecast

       145 Comments

       Halifax issues 'emergency fund' update to customers after Rachel Reeves welfare cuts

       Comments

       'Rachel Reeves lays blame on anyone but herself as Labour fails on every front'

       63 Comments

       Boris Johnson issues devastating eight-word verdict after Rachel Reeves's budget

       84 Comments

       Fury as pothole budget set for cut after Keir Starmer hailed major cash boost

       51 Comments

       Rachel Reeves provokes widespread fury as she delivers savage cuts

       43 Comments

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       Eighty-five percent of British businesses are family-owned or run. They employ the majority of workers, innovate, disrupt and are community-orientated. Around 95% of business are SMEs. How can we expect these businesses to deal with yet more admin, more rules and support large percentages of their workforces not to work?

       The country is heading for catastrophe!

       John Longworth is Chairman of the Independent Business Network and a former MEP