Monday, October 6, 2025

The Conservatives' big message at their annual conference is that they would end the cycle of higher taxes by cutting spending. "As Margaret Thatcher put it," Kemi Badenoch said in the first of two conference speeches yesterday, "countries, like families, have to live within their means."

Mel Stride, the shadow chancellor, has identified an alleged £47bn of annual cuts. 

But that figure didn't last five minutes. It turned out that the welfare savings from denying benefits to foreigners that Stride had costed did not include EU citizens with settled status. This was despite Badenoch saying that there would be "no more making the announcement first and working out the policy detail second". 

Several other policy announcements contradicted the savings message. Stride announced a bribe of £5,000 for young people getting their first job – and the abolition of business rates for pubs and shops. 

I wrote about the tragedy of Badenoch, who tried to be different but ended up the same – chasing headlines with uncosted gimmicks. 

Who was shadow chancellor for three months between Alistair Darling in 2010 and Ed Balls in 2011?

Answer at the bottom of today's email 

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Daily briefing

Top Farage aide hints Conservatives could merge with Reform after the next election

Gawain Towler also suggested Reform will have an open-door policy to Tory defectors

It's Margaret Thatcher – not Kemi Badenoch – who looms largest over Tory conference

The merchandise stall is selling mugs, Christmas baubles and bottles of whisky ahead of the centenary of the former leader's birth

Tories to pledge £5,000 handout to young workers

Shadow chancellor Mel Strides sets out a slew of cuts to welfare and foreign aid

What else you need to know today

The Independent View

Politics Explained

From Thatcher to Farage, what's on the Conservative conference agenda?

What could be the standout moments from this year's conference in Manchester, asks Sean O'Grady...

Read more

MOST COMMENTED

QUOTATION OF THE DAY

Everyone thought we'd come in and there were going to be these huge costs we could cut away but there just aren't

Anonymous senior Reform cabinet member, Kent county council, to the FT

Quiz answer: Alan Johnson (apologies for the mistake in the quiz question in the last newsletter, the White House address is 1600 Pennsylvania Ave, not 1400) 

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