David Vance SubstackRead More
This made me laugh.
Sir Keir Starmer has warned it will “take some time” for people to feel richer, as he asked MPs for patience on his plans to boost economic growth.
No sh*t, Sherlock?
The prime minister told a committee of senior MPs the UK had been suffering from “stagnant growth or low growth” for over a decade. He added that October’s Budget would lead to more investment, and planned changes to planning rules would make a “huge difference”. And he insisted he was still committed to achieving the highest “sustained” growth among G7 countries by the next election.
Now there is a divide between good natured optimism and sheer deluded fantasy and Starmer is living in the latter.
Let’s just look at the key economics indicators since Labour came in. During the prior six months, from January to June, the UK’s GDP grew by 1.2% which was the fastest growth of any G7 economy. Then Labour came to power insisting that it had inherited a catastrophically bad economy. This was plain lies.
Starmer and Reeves then talked down British prospects whilst insisting that “growth” was their key priority. Then came the October Budget and we should check where things now stand;
The economy has slowed and is only just above a recession. We are no longer the fastest growing G7 country. Inflation is rising. Employment is stagnant. Interest Rates are on hold, not being cut. UK Government Gilt 10 year bonds just hit their highest borrowing rate under Starmer hitting 4.7055% putting him in SECOND place as Prime Minister with the worst borrowing costs. There is nothing to suggest that we have economic growth around the corner – Starmer’s words ring hollow.
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