Angela Rayner can’t name a single pound of spending that Labour will cut - not one! 🤯
We are £3 trillion in debt, borrowing more just to pay the interest.
Get a grip.
We are £3 trillion in debt, borrowing more just to pay the interest.
Get a grip.
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John Healey will be a total hypocrite if he fails to properly fund defence in the Budget.
No more excuses.
If he fails, he should resign.
No more excuses.
If he fails, he should resign.
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It’s make-up-your-mind week for Chancellor John Healey.
He resigned because he knows we need more defence spending.
After more evasion than an SAS patrol behind enemy lines, he needs to pull the trigger on properly funding our armed forces.
If he doesn’t, he must resign.
He resigned because he knows we need more defence spending.
After more evasion than an SAS patrol behind enemy lines, he needs to pull the trigger on properly funding our armed forces.
If he doesn’t, he must resign.
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I predicted the Chancellor's Budget would try to use loopholes in his fiscal rules to spend even more taxpayers money.
We are walking along a fiscal cliff edge. Sooner or later a Chancellor has to get a grip on the public finances.
Doesn't sound like it's going to be this one.
🧵(see below)
We are walking along a fiscal cliff edge. Sooner or later a Chancellor has to get a grip on the public finances.
Doesn't sound like it's going to be this one.
🧵(see below)
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Not properly recognising liabilities is one of the two pathologies of every financial scandal. (The other is recognising revenue which never turns into cash flow).
When Rachel Reeves changed the headline debt target in October 2024, she did more than tweak an accounting rule.
By switching from measuring public sector net debt (PSND ex BoE) to public sector net financial liabilities (PSNFL), ministers created a channel to spend the same taxpayer money through Public Financial Institutions, or “PuFins”.
Debt is still debt but under Labour’s fiddled measure, spending via a PuFin barely registers against the fiscal rules.
As this excellent report from the Centre for Policy Studies shows, had the old target been kept, the October 2024 Budget would have broken the debt rule by £6 billion. Under the new one, it passed with £16 billion to spare.
Expect next week’s budget to include more examples of this dodge.
cps.org.uk/research/pufin…
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Andrew Griffith MP retweeted
Stamp Duty is a terrible tax: it changes behaviour in an unintended way (fewer house moves) and slows the economy when we want growth and housing.
Glad to have @griffitha here in Norfolk talking to our local businesses
Glad to have @griffitha here in Norfolk talking to our local businesses
🚨 The typical stamp duty bill is now over £4,500!
That's money families should be able to spend on their new home or save for the future.
We Conservatives will scrap it, get Britain building again and unlock the dream of home ownership for millions more.
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🚨 The typical stamp duty bill is now over £4,500!
That's money families should be able to spend on their new home or save for the future.
We Conservatives will scrap it, get Britain building again and unlock the dream of home ownership for millions more.
That's money families should be able to spend on their new home or save for the future.
We Conservatives will scrap it, get Britain building again and unlock the dream of home ownership for millions more.
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Not properly recognising liabilities is one of the two pathologies of every financial scandal. (The other is recognising revenue which never turns into cash flow).
When Rachel Reeves changed the headline debt target in October 2024, she did more than tweak an accounting rule.
By switching from measuring public sector net debt (PSND ex BoE) to public sector net financial liabilities (PSNFL), ministers created a channel to spend the same taxpayer money through Public Financial Institutions, or “PuFins”.
Debt is still debt but under Labour’s fiddled measure, spending via a PuFin barely registers against the fiscal rules.
As this excellent report from the Centre for Policy Studies shows, had the old target been kept, the October 2024 Budget would have broken the debt rule by £6 billion. Under the new one, it passed with £16 billion to spare.
Expect next week’s budget to include more examples of this dodge.
cps.org.uk/research/pufin…
When Rachel Reeves changed the headline debt target in October 2024, she did more than tweak an accounting rule.
By switching from measuring public sector net debt (PSND ex BoE) to public sector net financial liabilities (PSNFL), ministers created a channel to spend the same taxpayer money through Public Financial Institutions, or “PuFins”.
Debt is still debt but under Labour’s fiddled measure, spending via a PuFin barely registers against the fiscal rules.
As this excellent report from the Centre for Policy Studies shows, had the old target been kept, the October 2024 Budget would have broken the debt rule by £6 billion. Under the new one, it passed with £16 billion to spare.
Expect next week’s budget to include more examples of this dodge.
cps.org.uk/research/pufin…
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Andrew Griffith MP retweeted
Britain's national debt has hit £3 TRILLION. That's more than £100,000 for every household.
At £250 a month, it would take you until 2060 to repay it!
We need to get a grip on spending and cut the deficit before it is too late.
As Chancellor, I would.
At £250 a month, it would take you until 2060 to repay it!
We need to get a grip on spending and cut the deficit before it is too late.
As Chancellor, I would.
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Britain's national debt has hit £3 TRILLION. That's more than £100,000 for every household.
At £250 a month, it would take you until 2060 to repay it!
We need to get a grip on spending and cut the deficit before it is too late.
As Chancellor, I would.
At £250 a month, it would take you until 2060 to repay it!
We need to get a grip on spending and cut the deficit before it is too late.
As Chancellor, I would.
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🚨 John Healey has admitted that businesses have been under 'a lot of pressure' because of Labour's Unemployment Act, higher taxes and endless red tape.
Who does he think is responsible?!
Who does he think is responsible?!
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Andrew Griffith MP retweeted
Simply astonishing🤯
Lucy Powell said the pay rise was fully funded. The National Education Union celebrated it despite warnings from many head teachers and the Conservatives that this wasn’t true.
Now we find out SEND staff are being cut to fund the pay rise. Total chaos from r must vulnerable children who are suffering.
Lucy Powell said the pay rise was fully funded. The National Education Union celebrated it despite warnings from many head teachers and the Conservatives that this wasn’t true.
Now we find out SEND staff are being cut to fund the pay rise. Total chaos from r must vulnerable children who are suffering.
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Only we Conservatives have a plan to tackle the deficit, reduce the welfare burden and make Britain prosperous again.
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🚨 Government borrowing of more than £3 trillion – the highest in history – and rising inflation show Labour has lost control of the economy.
Healey’s Budget must take urgent action to tackle the deficit, reduce red tape and net zero costs that are driving up the cost of living.
Healey’s Budget must take urgent action to tackle the deficit, reduce red tape and net zero costs that are driving up the cost of living.
NEW: Eve of Budget public borrowing figures a nightmare for Healey.
The £3 trillion debt barrier has been broken for the first time, while £10.9 billion was spent on debt interest in September alone.
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🚨 Rachel Reeves’ two Budgets were catastrophic. She raised taxes by more than £2,000 for every household.
But could John Healey be even worse?
We Conservatives have set him five simple tests. 👇
If the Chancellor is serious, none of them should be difficult.
But could John Healey be even worse?
We Conservatives have set him five simple tests. 👇
If the Chancellor is serious, none of them should be difficult.
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Andrew Griffith MP retweeted
This is the result of a quadruple whammy - the £25 b increase in national insurance particular affecting the lower paid and part timers ; the huge increases in the minimum wage especially for young people; the mess on business rates; and the prohibitive Employment Rights Act .
Data out this morning shows that vacancies at firms with 1 to 9 staff fell 21.1% on the quarter. That's down -32.8% on the year.
The ONS have specifically said that smaller firms “may not be recruiting because of increases in labour costs."
You cannot tax yourself to growth.
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This in today’s @FT from someone who was an adviser to Andy Burnham is quite the comment:
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