Today’s opinion poll is not a ringing endorsement for Rachel Reeves and her stewardship of the economy.
Her plans on defence, cutting admin costs and PIP win support. Overall, though, the Spring Statement is very unpopular.
Let’s get the mitigation out of the way. Labour’s inheritance from the Tories was lousy: a stalled economy, Brexit trade frictions and vast public debts from Covid, necessitating cuts to spending to keep the bond markets onside.
All of this has been exacerbated by geopolitical turbulence, including energy inflation, defence costs and trade volatility from Trump.
square UK ECONOMY Poor economy is harming people's pensions, says former Labour expert
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However, what we have seen from Reeves’s Treasury in the past nine months is not going to be good enough. Unless her team can ignite growth, the UK will not be able to meet the costs of an ageing population or security in Europe.
The Tories ran out of ideas. But for Labour this period is supposed to be its high-energy phase. Governing probably won’t get easier for the party – it rarely does.
Greater ambition is needed on growth. Where is the industrial strategy?
(Forthcoming, we are told.) Which sectors get tax breaks, visas and help to develop skilled workers? What’s taking so long?
How will Labour rethink trading ties with the EU? How will it deliver infrastructure promises, without enough projects in the pipeline or the skilled workers to build them? Is the party up for the fight on public sector productivity?
Which taxes will the Treasury simplify? Will deregulation be anything more than a buzzword? Where will the Government admit it needs more foreign workers? Exactly what sort of economy does the Government want in 10 years’ time, and how is it going to get there? High-growth countries know.@olyduff
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