A look at the alternative

Within at most fourteen months, in practice almost certainly in 2024, there will be a general election. I post mainly here about Conservative plans and policies, but it is legitimate and appropriate to occasionally compare those plans with those of the main opposition party.

Rachel Reeves, the Shadow Chancellor, promised in September 2021 that a Labour government would deliver ‘an additional £28 billion of capital investment’ each year to support the UK’s transition to net zero. In June of this year, Ms Reeves reaffirmed her commitment to this pledge – dubbed a ‘Green Prosperity Plan’ and with some updates and adjustments, indicating that the investment would be ramped up over time, to reach £28 billion per year by the second half of the next parliament.

  • New analysis suggests that Labour’s £28 billion borrowing plan would drive up mortgages by £2,000 per household, reversing the hard work of the past year to bring down inflation and causing misery for families.
  • Over the past few weeks, despite some typical dithering from Sir Keir Starmer, Labour have made it clear they are committed to this £28 billion a year spending plan.
  • It has now been confirmed that this unfunded spending could drive the average mortgage up by £2,000 a year according to Treasury analysis. Not only this, it would also increase debt and inevitably lead to tax hikes - leaving working people to pay for their inflationary spending spree.
  • I do not believe that these Labour plans would make life better for people: they are all too likely to make the cost of living crisis worse. 
  • The Conservatives are taking the long-term decisions to drive down inflation, which reached its lowest point since 2021 yesterday, easing pressures on families and delivering a brighter future for everyone.

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