Reform UK's Shadow Chancellor, said:
This is the budget that took Britain backwards. Unemployment is
set to rise, taxes on working people will go up, and prices are
forecast to soar even higher.
"It was an exercise in fiddling while the economy burns. bottled taking the tough decisions
required to put the economy back on track and the British people
will now pay the price with lower living standards.
"This nothing burger budget didn't have anything to say about
cutting the ballooning benefits bill or the eye-watering cost of
borrowing.
"Reform offered Healey a bold plan to cut wasteful spending by
£40 billion so we could give households £1,300 back but he
rejected it. If he won't help working people, he should resign to
make way for a party that will.
"Reform stands ready with a fully-costed plan to fix our economy
and give working families some relief.
Notes to Eds:
These are the stats doesn't want you to read:
- By 2031 we'll be spending £160bn/year on debt interest alone up
£36bn/year.
- Borrowing forecasts for the next 5 years have risen £65bn since
March.
- Unemployment will rise to above 5% until 2027. The Employment
Rights Act will weigh on the labour market
- Government revenue will rise to 43% of GDP by 2031, driven by a
record tax burden.
- Households will be worse off in every single year of the five
year forecast than they were in March.
- It'll take until 2029 to get back to 2019 levels of prosperity.
- Growth will be anodyne. GDP per capita grows less than 1% in
2027. It'll peak at less than 2% per year, despite the AI
revolution.
- The national debt will stay above 95% of GDP.
