Shadow Chancellor Mel Stride has launched a blistering attack on Rachel Reeves, telling GB News she needs to “get a grip” of the economy.
The former Chancellor accused his successor of presiding over “stone dead” growth and claimed the Labour government had “taxed the living daylights out of business.”
Mel Stride savaged Rachel Reeves during his GB News appearance
GB NEWS / PARLIAMENT
Stride pointed to concerning trends in the bond market during his GB News appearance.
“The spread in bond yields, for example on 10 year bonds between ourselves and Germany is the highest in 30 years,” he said.
LATEST DEVELOPMENTS
Mel Stride joined Eamonn Holmes and Ellie Costello on GB News
GB NEWS
He highlighted that while bond yields have increased across different countries, the UK is “a distinct outlier and it’s much more severe here.”
The former Chancellor also expressed concern about inflation remaining above target and the government’s approach to business taxation.
When Eamonn challenged Stride’s criticism, suggesting he was “being a bit mean” given the global economic context, Stride rejected the accusation.
“Not at all,” Stride responded, acknowledging global factors but maintaining the UK’s situation was uniquely concerning.
He pointed to specific US factors affecting bond yields, saying they were “focused really on the expectations of what might be happening with the US economy and the Trump administration.”
However, he insisted Britain’s economic challenges went beyond these international pressures.
Reeves has faced additional criticism over her recent trip to China, with Shadow Chancellor Mel Stride accusing her of “ducking difficult questions” by travelling to Beijing.
The pressure comes as a British Retail Consortium [BRC] survey revealed two-thirds of major retailers plan to raise prices following Labour’s National Insurance changes.
The BRC found 56 per cent of firms expect to cut working hours, while 52 per cent anticipate reducing head office staff.
Helen Dickinson, BRC chief executive, warned that “local communities may find themselves with sparser high streets.”
Stride contrasted the current economic situation with what he said was his government’s stronger record.
“We had the fastest growth in the G7 and near record level of employment,” he told GB News.
He highlighted “real wages rising for a consecutive 13 months” and inflation reduction “from its peak of 11 per cent to bang on target at two per cent on the day of the general election.”
“I’m afraid where we are today is down to the wrong choices of this Government,” Stride concluded.
