Labour's Missions - Borrow, Overspend, Tax and Reduce Economic Growth

Labour's Missions - Borrow, Overspend, Tax and Reduce Economic Growth

There are three significant political events taking place over eight days from 30 October.  I have already voted for Kemi Badenoch in the Conservative Party leadership contest.  The winner will be announced on Saturday 2 November.  Whoever wins, after such a large defeat at the general election, the work can then start in earnest to rebuild the party and hold the government to account.

More imminently, this week sees the Labour Government’s first budget.  While I write before the event, there has been much media discussion for many weeks.  We know Labour got their excuses in early, fabricating the state of the public finances and trying to wrongly blame the Conservatives for a new gap, when it was Labour giving inflation-busting pay rises they gave to their trade union paymasters, opening up a new hole in the public finances.

It is my understanding that no one in the Labour Government’s cabinet has a business background.  This concerns me and I fear that this budget will have the effect of reducing economic growth, the very opposite as to what Labour claim is ‘their mission’.

Every government will make difficult decisions, including the previous Conservative and Coalition governments.  I remember how disingenuously Labour behaved in opposition when those governments had to restore the public finances after the previous Labour Government had wrecked them.

Now the boot is on the other foot and Labour have inherited an economy performing well.  I hope I will be wrong, but I fear this budget will be about excessive borrowing, excessive personal and business taxation, and ultimately disincentivising people to save, invest, and leave a nest egg for their children.  A Halloween budget of horrors is set to leave a chill across the country.

The third major political event is the US election on Thursday 5 November.  The stakes for the world are very high.  It is obvious to anyone who is well informed, that Donald Trump is wholly unfit for office.  He has many appalling traits and is a serious threat to US democracy and to Ukraine’s security.  I can only hope that Kamala Harris wins. 

 

Councillor Duncan Crow, Leader of Crawley Borough Council Conservative Group

29th October 2024

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