The chancellor spent most of her first six months issuing dire warnings in regards to the calamitous state of the general public funds she inherited.
However now, in a dramatic change of tone, Rachel Reeves is celebrating the UK’s financial prospects.
Impressed by Donald Trump’s financial boosterism, and regardless of the UK’s flatlining development figures, she instructed Trevor Phillips she’s spent the previous few days in Davos “shouting on the world stage about everything our great country has to offer”.
“My enthusiasm and excitement… has never burned brighter.”
However this optimistic message isn’t simply a part of a brand new worldwide gross sales pitch, a riposte to critics who consider the chancellor broken investor confidence within the UK along with her gloomy earlier prognosis.
As an alternative, it’s a part of the federal government’s drive to reconnect with companies bruised by her tax-raising finances – an try and display that financial development genuinely is its primary precedence – on the expense, maybe, of all else.
In fact, the chancellor argues that development is required to ship the extent of public providers voters anticipate from a Labour authorities – with out fast enhancements to the general public funds, departments are prone to face austerity-level cuts.
Now we’re lastly getting extra element on the sensible technique to ship the expansion that has proved so elusive for successive governments in recent times – however most of the measures concerned are extremely controversial.
Learn extra: Reeves to hunt billions from company pension surpluses
From decreasing planning hurdles to demanding regulators strip out crimson tape, in some methods, the Labour authorities is now looking for to enact most of the insurance policies promised by Liz Truss.
Requested in regards to the comparability by Trevor Phillips this morning, Ms Reeves didn’t deny the similarity, arguing solely that “we’re doing practical things to get that growth, not just talking about it”.
On Wednesday in a giant speech on development, we’ll hear extra about these sensible steps.
The most important anticipated announcement is in regards to the long-awaited growth of Heathrow Airport, in addition to plans for Gatwick and Luton.
As a logo of going for development above all else, it couldn’t get a lot greater, however the purpose the mission has did not get off the bottom is that so many individuals object to it so passionately – for a variety of causes, from concern over emissions and our internet zero commitments to noise air pollution.
Ms Reeves instructed Trevor Philips at this time the choice can be taken with “collective ministerial responsibility”.
That could be simpler mentioned than completed.
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Beforehand, many members of the cupboard, together with Sir Keir Starmer, Surroundings Secretary Steve Reed and Power Secretary Ed Miliband voted towards increasing the west London airport.
Supporting the plans will certainly be uncomfortable for a lot of on the Labour benches, particularly with the Mayor of London so implacably opposed.
Requested this week if he’d think about resigning over it, although, Mr Miliband responded: “Don’t be ridiculous, no.”
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Maybe the clearest indication of the federal government’s financial focus comes with the chancellor’s willingness to talk about the opportunity of becoming a member of a European customs grouping, the Pan Euro Mediterranean Conference.
“We are absolutely happy to look at these proposals,” she instructed Trevor Phillips – fairly a distinction to the non-committal solutions given by different ministers earlier this week.
The Conservatives are predictably up in arms, with Andrew Griffiths, the shadow enterprise secretary, fast to ring the Brexit alarm bell.
“We must avoid undoing Brexit by the back door by aligning with the EU’s low growth model,” he mentioned.
Whereas the prime minister has lengthy promised a “reset” in relations with the EU, any trace of backpedalling on Brexit is so politically delicate that dialogue about shifting in the direction of a better financial relationship is all the time muted.
The actual fact Ms Reeves is even trying into that is maybe, greater than something, an indication of their need to indicate they’re keen to think about all choices.
However as with the airports, it’s prone to be a really very long time earlier than any of those pro-growth intentions have a sensible influence on GDP.
