Is the Chancellor about to crash the economy?

[Startingagainandagain]

I will start by saying I voted Labour, but I am increasingly concerned about what the government has done so far.

Today there are warning that food prices could shoot up, the pound is going down, there were big jitters on the bonds market and government borrowing is higher than planned.

More generally Reeves seems to have spooked businesses and they have no will to expand or employ more people.

I agreed that the Tories left a total mess.

But Labour seems to just go from bad to worse and I am really starting to wish she could be replaced by someone more competent to restore some confidence.

Sorry, the newspaper article was in The Times. Behind a paywall, so I can't link it, and I don't know how to find opensource links. Blame my age!

Yes, I am pleased that the Government does now seem to be inolving actual economists with actual experience. Disasasembling the structure of quasi accountable quangos that mire so much implementation of policy in bureaucracy is also a very welcome step, IMO. To many powers have been delegated to bodies that are to all intents and purposes unaccountable to the electorate.

Whether it happens quickly enough to deliver growth in this parliament is another matter; I note borrowing last month was almost 30% higher than forecast (£18bn vs £14bn) which doesn't bode well in terms of an emergancy budgt with more tax rises if the chancellor isn't to breach the fiscal rules she has set herself

Me neither, but I read the same article I think. She's now upset Sadiq Kahn and Ed Miliband, so I am warming to her 😂😂

Borrowing up and jobs down

Not much on it due to current media cycle on Trump, US and crime

Despite being a subscriber I can’t find The Times article. This one’s also about John Van Reenen.

https://www.theguardian.com/business/2025/jan/17/economist-shaping-rachel-reeves-growth-plans-john-van-reenen

Another week and another disaster from Rachel from accounts.

Last months borrowing figures were the third highest since records began. That quite an achievement for a government that’s only 6 months in.

Honestly these clowns are useless.

@BIossomtoes, He's mentioned as steering the programme in the article about stripping environmental quangos of their ability to delay major housebuilding.

They’re lucky people are distracted by other news items atm

It's gravely concerning for the country. Every day brings more economic woes.

OK, thank you. I’ll go back and look again.

Lots of Govt depts need a kick up the arse to help sort the housing shortage. Take probate, it takes several months to obtain probate for no obvious reason, even for the simplest of estates where all the forms are complete and correct, it's still several months. This is the problem with "targets" - they work backwards from the latest possible target to "tick their boxes", rather than actually doing things quicker. Last time I had to get probate, it was closer to a year. They cancelled the meeting to swear the oath, which was bang on the (?) 16 week "target" and then it was another 16 weeks before the next appointment slot. When I was there waiting for the appointment, lots of staff shuffling around, chatting etc., and I was sat there waiting until bang on the appointment time when someone shuffled through to take me to the meeting room - I'd been there 10 minutes and she'd just been stood chatting!

When there's a housing shortage, it makes no sense to have empty houses languishing, unable to be sold, when a couple of government depts are on a go slow.

I agree about probate.

More fundamental would be to have the same law on house purchase and sale in England and Wales as applies in Scotland, and a ban on holiday lets and second homes in some areas.

I think probate must have improved again @Badbadbunny . It took 16 weeks for DMIL's to come through two years ago, but DM's came through in about 16 days in September. We were staggered.

I agree. It took a matter of weeks for both my parents’ estates. I swore the oath at a local solicitors’ office and the whole thing was done by post.