3 days ago
Tories Bid to Reclaim Economic Credibility, But Mel Stride's Speech Lacks Policy Punch
Shadow chancellor Sir Mel Stride has renewed the push to reclaim the Conservatives' reputation for economic credibility, as he delivered a speech in which he sought to distance the party from former Prime Minister Liz Truss's mini-budget.
But while Stride acknowledged past failings and criticised Labour and Reform UK policies, his remarks notably lacked detailed economic policy proposals.
He called for a radical 'rewiring' of the economy and admitted his party has learned from its mistakes.
Speaking at the Royal Society for Arts, Manufactures and Commerce on Thursday, Stride promised the Conservatives will never replicate Truss by making promises it can't afford.
He referenced the
'We see what happens when fiscal responsibility goes out the window,' the shadow chancellor said, adding that the Conservatives' plan for economic stability and growth would 'take time to put together.'
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He laid out a framework of what needs to be tackled—the size of the state, a complicated tax system, bloated welfare, and sluggish productivity—but stopped short of diving into specifics.
More detail could be expected from the party leader Kemi Badenoch, who is set to make a speech on Friday.
Tories Trailing Behind
Stride's address comes at a time of dire polling for the Conservative Party.
The Conservatives believe that restoring public trust in their economic management is essential to improving their electoral prospects.
'We have to demonstrate to the British public first thing that we are on their side and will hold this government to account,' said Stride.
Shadow chancellor Sir Mel Stride delivers a speech at the Royal Society of Arts in London on June 5, also sought to distance the party from Reform, accusing Nigel Farage of promoting unfunded policies that lack proper scrutiny.
'Reform says that they will take everybody earning up to £20,000 out of income tax altogether. The cost of that, according to the Institute for Fiscal Studies, is between £50 and £80 billion.
'You have got to have a pretty robust plan on savings or where you going to find that money,' Stride said.
Despite Conservative criticism, Reform continues to benefit from public disillusionment with the Tories after 14 years in power, as well as defections from Conservative ranks.
Its success in the
Stride's own credibility is under scrutiny owing to his time in government during Truss's premiership, when the controversial mini-budget was announced.
In response to his remarks, Truss
The former Tory leader also claimed that Britain's system of government is 'broken,' adding that 'nothing will change with people like [Stride] in charge.'
Clash Over Economic Strategy
Stride's remarks come ahead of the government's Spending Review and just a day after Chancellor Rachel Reeves ruled out tax hikes. Similar to Stride, she said she would never jeopardise market confidence in the government's fiscal discipline.
Despite Labour's push for growth since July elections, the UK economy faces
Stride said that the £25 billion national insurance hike under Labour had 'slowed the economy down' and that their spending spree had 'driven up inflation' and 'keeps interest rates higher for longer.'
However, according to Reeves, the £40 billion tax increases in last October's Budget and the funding decisions made by the government rule out
