Jeremy Hunt criticizes Rachel Reeves for promoting unrealistic economic policies in her conference speech. In her address, the Labour shadow chancellor emphasized her commitment to strict fiscal rules, proposed implementing VAT on private school fees, and promised a “new era of economic security.”
However, Hunt, the Chancellor, pointed out that Reeves failed to mention inflation in her speech. Addressing inflation is a top priority for Hunt and Rishi Sunak, as they aim to cut the inflation rate in half to approximately 5.3% by the end of the year.
“It is remarkable that Rachel Reeves didn’t mention inflation once, considering it is the biggest challenge facing the British economy,” Hunt stated.
“Instead, Reeves revealed that Labour plans to borrow an additional £28 billion per year, which is a fairy tale solution for the British economy that will only lead to higher inflation, increased mortgages, greater debt, and slower growth.
“Increasing borrowing doesn’t solve problems; it creates them. This approach exhibits short-term thinking, whereas we should be making long-term decisions that directly address inflation and stimulate growth.”
Earlier today, Mark Carney, the former governor of the Bank of England, officially endorsed Rachel Reeves as the next chancellor.
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