Wednesday, October 30, 2024

Sir Keir Starmer has repeatedly said that spurring economic growth is the number one mission of his Labour government. 

So it will have disappointed the prime minister to hear Rachel Reeves confirm Britain has suffered a slowdown since his party came to power. 

In March, the independent Office for Budget Responsibility (OBR) said the economy would grow by 0.8 per cent, 1.9 per cent, 2.2 per cent, 1.8 per cent and 1.7 per cent in the coming five years. 

The OBR now believes it will grow by 1.1 per cent, 2.0 per cent, 1.8 per cent, 1.5 per cent and 1.5 per cent. 

It means a short-term upgrade to the watchdog's forecast, but a longer term slowdown under Labour. 

Written by Archie Mitchell

Which chancellor has delivered the most Budget speeches?

Answer at the bottom of today's email

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Daily briefing

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Tomorrow inside the Westminster bubble

Our political commentator Andrew Grice on what to look out for

The Commons sits from 9.30am with business and trade questions. Jonathan Reynolds, the business secretary, will not be there because he will be in Qatar for the Gulf Cooperation Council ministers' meeting.

That will be followed by Lucy Powell, the leader of the House, setting out next week's business. The Budget debate then continues for the rest of the day. 

The Institute for Fiscal Studies delivers its influential Budget verdict at 10.30.

John Healey, the defence secretary, will meet Royal Navy personnel to launch London Poppy Day. 

The Conservative leadership ballot closes at 5pm (the result will be announced on Saturday). 

QUOTATION OF THE DAY

"He's wiped the floor with Rachel [Reeves]."

Shadow health secretary Victoria Atkins, shouting over her boss Rishi Sunak's shoulder as he responded to the Budget

Quiz answer: With twelve Budget speeches under his belt, William Gladstone holds the record for delivering more than any other chancellor

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