Shadow Chancellor Mel Stride has condemned Rachel Reeves’ economic strategy as a failure following a major G7 growth downgrade, urging a return to Conservative policies of deregulation and tax cuts to revive the UK economy.
Shadow Chancellor Mel Stride has delivered a scathing assessment of Rachel Reeves’ economic record, claiming her “number one mission” for growth has ended in “utter humiliation” following the IMF’s significant downgrade of the UK’s growth prospects. Stride argues that the Chancellor’s “choices” specifically National Insurance hikes on job creators, business rate increases, and a refusal to tap domestic energy reserves have left Britain with the highest inflation in the G7 and the worst per-capita growth outlook in the group.
Accusing the Labour government of being “economically illiterate,” Stride contends that the current malaise of rising unemployment and business closures “traces back to choices made in Downing Street,” while positioning Kemi Badenoch’s Conservatives as a viable alternative that would “back British business, not bash it” by cutting taxes, easing regulations, and increasing North Sea drilling.