Monday, September 29, 2025

The chancellor delivered a strong speech to the Labour conference in Liverpool, attacking enemies of the past, present and future. 

The enemy of the past was Liz Truss, who "sent mortgage costs spiralling". The enemy of the present was unnamed, but delegates readily identified Andy Burnham, mayor of Greater Manchester and leadership pretender, one of "those who peddle the idea that we could just abandon economic responsibility and cast off any constraints on spending; they are wrong – dangerously so". 

That was his suggestion that Labour should ignore the bond markets dealt with. 

And the enemy of the future was Nigel Farage. Not only would his policies "tear communities and families apart" but his unformed tax and spending policies would repeat the mistakes of Truss and Burnham and blow up the public finances. 

Her central claim was that responsible management of the public finances was "not a trade-off with our Labour values – it is essential to our Labour values".   

I wrote about Rachel Reeves having to raise taxes and needing to be honest with the people about the options; Albert Toth looks at them here. 

Who is chief secretary to the Treasury? 

Answer at the bottom of today's email 

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QUOTATION OF THE DAY

There are still those who peddle the idea that we could just abandon economic responsibility and cast off any constraints on spending. They are wrong – dangerously so

Rachel Reeves in her speech to Labour conference 

Quiz answer: James Murray, since 1 September

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