Enter your email to read this article
Read news on any topic, in one place, from publishers like The Economist, FT, Bloomberg and more.

Tories can't solve the cost of living crisis - Britain can't afford them anymore

When the Tory Government say they want to break free from the past, they mean that they want to break free from their own record.

That record has left us with growth down, investment down, productivity down and the lowest consumer confidence since records began.

The only things that are going up are inflation, interest rates, government borrowing and bankers’ bonuses.

Now they tell us they want to achieve 2.5% growth a year - great.

But that was the last Labour Government’s rate of growth that they’ve trashed.

They’ve had 12 years and their aspiration is to get back to what we left them with. They hope for it, we delivered it.

Shadow Chancellor Rachel Reeves responding to the mini Budget in the Commons (PA)

Today, as the country struggles under the cost-of-living crisis, we disagree over who should foot the bill.

The Labour Party believes that it should be the booming energy producers that should make a contribution.

But when the Tories are asked who should foot the bill for the energy rescue they responded: the British people.

It’s not just that they are not defending ordinary families - they are actively working against them.

Cutting the top rate of income tax for those earning over £150,000 a year is totally the wrong priority.

The Prime Minister and Chancellor are like two desperate gamblers, chasing a losing run.

All we got from them was casino economics - chancing the mortgages and finances of every family in the country to keep the Tory Party happy.

They’ve decided to replace levelling-up with trickle down.

It is discredited, it is inadequate and it is wrongheaded.

Wealth doesn’t trickle down, it’s built by powering the millions of working people and thousands of ordinary businesses that run our economy.

It is the teachers giving the young people the skills they need.

It is the doctors and nurses keeping people well.

It is the entrepreneur taking a personal risk to start a new business.

These are the people who generate growth – and they all deserve to share in it too.

It’s clearer than ever today - the Tories can’t solve the cost-of-living crisis because the Tories are the cost-of-living crisis.

Britain cannot afford them anymore.