Latest news with #Truss
Epoch Times
4 hours ago
- Business
- Epoch Times
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.' Related Stories 6/4/2025 5/2/2025 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
Spectator
6 hours ago
- Politics
- Spectator
Mel Stride's ‘mea culpa' for Liz Truss
The Shadow Chancellor's speech this morning was a predictable one. Mel Stride is the kind of Conservative who spin doctors love to send out on the media round: smart, well-briefed and able to stick to the party line. He is also the kind of Conservative who was very much not a fan of Liz Truss, in both temperament and in substance. Tory Kremlinologists will recall that he was one of the most ardent internal critics of her mini-Budget of September 2022, as the-then Treasury Select Committee chair. So, it was no surprise then that the top line from his speech was an apologia for Truss. 'Never again', promised Stride, 'will the Conservative party undermine fiscal credibility by making promises that we cannot afford.' Contrasting the 'mistakes' of Truss's tenure with the Tory record from 2010 to 2022, he said that 'the mini-Budget of September 2022 undermined those stable foundations we had built, and we will never allow that to happen again.'
Yahoo
10 hours ago
- Business
- Yahoo
Conservatives disown Liz Truss's mini-budget
The Conservatives will "never again" put the UK's economic stability at risk by making "promises we cannot afford", the shadow chancellor will say, as his party seeks to distance itself from former Prime Minister Liz Truss's mini-budget. In a speech, Mel Stride will disown Truss's £45bn package of tax cuts, which spooked financial markets and led to the former Tory PM's resignation in 2022. Stride will say "mistakes were recognised" but acknowledge "the damage to our credibility is not so easily undone". Hitting back, Truss said she had a plan to "turbocharge the economy" and accused Stride of bowing to "failed Treasury Orthodoxy". She accused Stride of being "a creature of the system," adding: "When he served alongside me as Treasury minister, he always went along with officials." The mini-budget was delivered by then Chancellor Kwasi Kwarteng in September 2022, after Truss won a Tory leadership contest to become prime minister. The plan, which included big tax cuts and subsidies to reduce energy bills, shook confidence in the UK's financial credibility, led to a rise in mortgage rates and a fall in the pound's value. Truss, who did not ask the UK's independent forecaster to assess her economic plans, admitted "parts of our mini-budget went further and faster than markets were expecting" and stood down after 49 days in office. The mini-budget was scrapped and Rishi Sunak - who had criticised Truss's promises to fund tax cuts with borrowing - succeeded her as prime minister. Labour accused the Conservatives of crashing the economy in 2023 and has repeatedly used Truss's mini-budget as an attack line. Distancing the Tories from the mini-budget, Stride will say: "For a few weeks, we put at risk the very stability which Conservatives had always said must be carefully protected. "The credibility of the UK's economic framework was undermined by spending billions on subsidising energy bills and tax cuts, with no proper plan for how this would be paid for." And ahead of Chancellor Rachel Reeves's spending review next week, Stride will accuse her of "abandoning" financial responsibility. The current Conservative leader Kemi Badenoch was trade secretary in Truss's government in 2022. Stride - who was a key ally of Sunak when he was PM - will say it will take time and honesty for the Conservatives to rebuild trust with voters. "So let me be clear: never again will the Conservative Party undermine fiscal credibility by making promises we cannot afford," Stride will say. In a furious response, Truss argued her economic plan "provided the only pathway for the Conservatives to avoid a catastrophic defeat" in last year's general election. Truss added: "As it was, Mel Stride and too many fellow travellers in the Conservative parliamentary party supported an economic policy that backed high immigration, raised taxes to a 70-year high and pursued unaffordable Net Zero policies - and the electorate delivered a devastating verdict on that record last summer. "Until Mel Stride admits the economic failings of the last Conservative government, the British public will not trust the party with the reins of power again." In his speech, Stride will also take aim at Reform UK and its leader Nigel Farage. Last month, Farage - whose party is leading in national polls - set out plans to restore the winter fuel allowance, scrap the two-child benefit limit and lift the salary level at which people start paying income tax to £20,000. The shadow chancellor will say Reform's "economic prescription is pure populism". "It doubles down on the 'magic money tree' we thought had been banished with Jeremy Corbyn," Stride will say. Responding to Mel Stride, Reform UK Deputy Leader Richard Tice said his party would "take no lectures on economics from a party" that raised "government spending to 70-year highs and shrank economic growth to 70-year lows". "Meanwhile we unearth Tory-run councils wasting £30 million on a bridge to nowhere," Tice said. They can never be trusted again." The Liberal Democrats accused the Conservatives of attacking Farage's party for "the same fantasy economics" they had pursued. Deputy leader Daisy Cooper said: "It's insulting that the Conservatives think a few warm words will fool people into forgiving them for all the damage they did to the economy and people's livelihoods." How much market chaos did the mini-budget cause? We want to make it easier to have children - Farage Reeves admits some will lose out in spending review
Rhyl Journal
18 hours ago
- Business
- Rhyl Journal
‘Bold rewiring' of economy needed as Tories seek to regain trust, Stride says
In a speech on Thursday, Mel Stride is expected to promise the Conservatives will 'never again' make offers they cannot afford as the party seeks to forge a 'credible' financial plan for the future. Taking aim at both Labour and Reform UK, the Tory frontbencher will accuse Chancellor Rachel Reeves of 'fiddling the figures' by changing her definition of national debt, and warn that 'populism is not the answer'. Addressing the legacy of the 2022 mini-budget under Ms Truss's premiership, which spooked the financial markets and led to a spike in mortgage rates, Mr Stride will say: 'For a few weeks, we put at risk the very stability which Conservatives had always said must be carefully protected. 'The credibility of the UK's economic framework was undermined by spending billions on subsidising energy bills and tax cuts, with no proper plan for how this would be paid for.' In a furious response, Ms Truss has accused Mr Stride of having 'kowtowed to the failed Treasury orthodoxy' and being 'set on undermining my plan for growth'. The shadow chancellor will claim that the Tories acted swiftly to restore stability, but the party's credibility would take longer to recover. 'That will take time, and it also requires contrition,' he is expected to say. 'So let me be clear: never again will the Conservative Party undermine fiscal credibility by making promises we cannot afford.' Ahead of the Chancellor's spending review next week, her opposite number will accuse her of 'abandoning' financial responsibility. Ms Reeves has two self-imposed 'fiscal rules' – funding day-to-day spending through taxation and for debt, measured by the benchmark of 'public sector net financial liabilities' (PSNFL), to be falling as a share of GDP. She has insisted these constraints are 'non-negotiable' amid wrangles with Cabinet colleagues over departmental budgets ahead of next week's announcement. Mr Stride will say: 'At the spending review next week, we can expect her to trumpet all of the additional projects and programmes she is funding – without mentioning the fact it is all being paid for from borrowing.' Attacking Nigel Farage's Reform party after its gains in the local elections last month, the shadow chancellor will say: 'Take Reform. Their economic prescription is pure populism. It doubles down on the 'magic money tree' we thought had been banished with Jeremy Corbyn.' During the speech in central London, he will say the two 'core priorities' for the party will be 'stability and fiscal responsibility', with control of spending and reform of welfare and public services. He will add: 'And a bold rewiring of the British economy – to unleash growth, productivity, and opportunity across the country.' Conservative leader Kemi Badenoch has said that the comeback she anticipates for the party will take time as it seeks to avoid 'rushing' into policy commitments. Mr Stride will insist modern politics requires more 'thoughtfulness', with the Conservatives planning to spend the next four years forging a 'credible' plan to return to government. 'We will need to take our time if we are to forge a credible plan that delivers for the people of our country,' he will say. 'Over the next four years, our party will do just that.' Since being ejected from Number 10 after just 49 days in office, Ms Truss has conceded her plan to quickly abolish the 45p top rate of tax went too far, but otherwise defended her failed bid to boost growth. Responding to the Tory announcement on Thursday, she said: 'Mel Stride was one of the Conservative MPs who kowtowed to the failed Treasury orthodoxy and was set on undermining my Plan for Growth from the moment I beat his chosen candidate for the party leadership. 'Even when judged by the OBR's flawed calculations, my plans were chalked up as costing less than the spending spree Rishi Sunak pursued as Chancellor during the pandemic – yet Mel Stride never took him to task over any of that. 'And why has he singularly failed to examine the role played by the Bank of England in causing the LDI crisis that sent gilt rates spiralling? Why has he never asked the pertinent questions of the Governor, despite the Bank since admitting that two-thirds of the gilt spike was down to them? 'My plan to turbocharge the economy and get Britain growing again provided the only pathway for the Conservatives to avoid a catastrophic defeat at the election.' She added: 'Until Mel Stride admits the economic failings of the last Conservative Government, the British public will not trust the party with the reins of power again.' Reform's deputy leader Richard Tice said: 'We'll take no lectures on economics from a party that more than doubled the national debt, raised taxes and government spending to 70-year highs and shrank economic growth to 70-year lows. 'Meanwhile, we unearth Tory-run councils wasting £30 million on a bridge to nowhere. They can never be trusted again.' The Liberal Democrats accused the Conservatives of attacking Mr Farage's party for 'the same fantasy economics' they had pursued 'while secretly plotting a pact with them' as they branded the speech 'absurd'. Deputy leader Daisy Cooper MP said: 'It's insulting that the Conservatives think a few warm words will fool people into forgiving them for all the damage they did to the economy and people's livelihoods. 'Families are still reeling from the Conservatives' lockdown law-breaking and still paying the price after their mini budget sent mortgages spiralling. 'Now the Conservatives have the cheek to criticise Reform UK for the same fantasy economics while secretly plotting a pact with them: it's absurd.'
Powys County Times
18 hours ago
- Business
- Powys County Times
‘Bold rewiring' of economy needed as Tories seek to regain trust, Stride says
The shadow chancellor will say a 'bold rewiring' of the economy is needed as part of Tory efforts to 'regain trust' following the fallout from Liz Truss' mini-budget. In a speech on Thursday, Mel Stride is expected to promise the Conservatives will 'never again' make offers they cannot afford as the party seeks to forge a 'credible' financial plan for the future. Taking aim at both Labour and Reform UK, the Tory frontbencher will accuse Chancellor Rachel Reeves of 'fiddling the figures' by changing her definition of national debt, and warn that 'populism is not the answer'. Addressing the legacy of the 2022 mini-budget under Ms Truss's premiership, which spooked the financial markets and led to a spike in mortgage rates, Mr Stride will say: 'For a few weeks, we put at risk the very stability which Conservatives had always said must be carefully protected. 'The credibility of the UK's economic framework was undermined by spending billions on subsidising energy bills and tax cuts, with no proper plan for how this would be paid for.' In a furious response, Ms Truss has accused Mr Stride of having 'kowtowed to the failed Treasury orthodoxy' and being 'set on undermining my plan for growth'. The shadow chancellor will claim that the Tories acted swiftly to restore stability, but the party's credibility would take longer to recover. 'That will take time, and it also requires contrition,' he is expected to say. 'So let me be clear: never again will the Conservative Party undermine fiscal credibility by making promises we cannot afford.' Ahead of the Chancellor's spending review next week, her opposite number will accuse her of 'abandoning' financial responsibility. Ms Reeves has two self-imposed 'fiscal rules' – funding day-to-day spending through taxation and for debt, measured by the benchmark of 'public sector net financial liabilities' (PSNFL), to be falling as a share of GDP. She has insisted these constraints are 'non-negotiable' amid wrangles with Cabinet colleagues over departmental budgets ahead of next week's announcement. Mr Stride will say: 'At the spending review next week, we can expect her to trumpet all of the additional projects and programmes she is funding – without mentioning the fact it is all being paid for from borrowing.' Attacking Nigel Farage's Reform party after its gains in the local elections last month, the shadow chancellor will say: 'Take Reform. Their economic prescription is pure populism. It doubles down on the 'magic money tree' we thought had been banished with Jeremy Corbyn.' During the speech in central London, he will say the two 'core priorities' for the party will be 'stability and fiscal responsibility', with control of spending and reform of welfare and public services. He will add: 'And a bold rewiring of the British economy – to unleash growth, productivity, and opportunity across the country.' Conservative leader Kemi Badenoch has said that the comeback she anticipates for the party will take time as it seeks to avoid 'rushing' into policy commitments. Mr Stride will insist modern politics requires more 'thoughtfulness', with the Conservatives planning to spend the next four years forging a 'credible' plan to return to government. 'We will need to take our time if we are to forge a credible plan that delivers for the people of our country,' he will say. 'Over the next four years, our party will do just that.' Since being ejected from Number 10 after just 49 days in office, Ms Truss has conceded her plan to quickly abolish the 45p top rate of tax went too far, but otherwise defended her failed bid to boost growth. Responding to the Tory announcement on Thursday, she said: 'Mel Stride was one of the Conservative MPs who kowtowed to the failed Treasury orthodoxy and was set on undermining my Plan for Growth from the moment I beat his chosen candidate for the party leadership. 'Even when judged by the OBR's flawed calculations, my plans were chalked up as costing less than the spending spree Rishi Sunak pursued as Chancellor during the pandemic – yet Mel Stride never took him to task over any of that. 'And why has he singularly failed to examine the role played by the Bank of England in causing the LDI crisis that sent gilt rates spiralling? Why has he never asked the pertinent questions of the Governor, despite the Bank since admitting that two-thirds of the gilt spike was down to them? 'My plan to turbocharge the economy and get Britain growing again provided the only pathway for the Conservatives to avoid a catastrophic defeat at the election.' She added: 'Until Mel Stride admits the economic failings of the last Conservative Government, the British public will not trust the party with the reins of power again.' Reform's deputy leader Richard Tice said: 'We'll take no lectures on economics from a party that more than doubled the national debt, raised taxes and government spending to 70-year highs and shrank economic growth to 70-year lows. 'Meanwhile, we unearth Tory-run councils wasting £30 million on a bridge to nowhere. They can never be trusted again.' The Liberal Democrats accused the Conservatives of attacking Mr Farage's party for 'the same fantasy economics' they had pursued 'while secretly plotting a pact with them' as they branded the speech 'absurd'. Deputy leader Daisy Cooper MP said: 'It's insulting that the Conservatives think a few warm words will fool people into forgiving them for all the damage they did to the economy and people's livelihoods. 'Families are still reeling from the Conservatives' lockdown law-breaking and still paying the price after their mini budget sent mortgages spiralling. 'Now the Conservatives have the cheek to criticise Reform UK for the same fantasy economics while secretly plotting a pact with them: it's absurd.'
