POST-SCAMDEMIC HIGH

Socialism all too often spells economic disaster and the policies of Rachel Reeves are taking Britain down a gloomy fiscal path.  It's no great surprise that our economic outlook is grim, with the woman in charge light on qualifications, business acumen and her inspiration stemming from the likes of Ellen Wilkinson, whose portrait hangs in Number Eleven.  Wilkinson was a a founder member of the Communist Party of Great Britain, who later went on to serve as education minister in the Labour government of Atlee.

We already know that the outlook for 2026 has been downgraded, with many factors at play - including rising inflation, higher interest rates, a rising tax burden, high street franchises continuing to struggle, a lack of inward investment and an exodus of business from the country.  Some of these could be tackled by Reeves with decisive measures, but with a Budget still weeks away we are being dealt a series of scaremongering rumours and/or leaks on a daily basis.  If every news headline is to be believed, there is no business sector or demographic that is safe from further tax rises.  The likelihood is that such speculation stems from a series of leaks designed to encourage a sigh of relief when the Budget actually does drop.  'Ahh, it wasn't as bad as I thought it would be', is perhaps the kind of reaction hoped for.

It may also be to some extent a sounding out exercise, to see which proposals face a lesser backlash.  The problem is that the constant speculation drives economic uncertainty and the threat of further tax rises does nothing to halt the exodus of firms leaving the UK.  And if firms continue to leave and high street franchises continue to go bump, unemployment will rise...

Unemployment has either risen or stabilised since Labour came into office last year.  It has yet to make a downward turn and this year it has risen sharply twice, resulting in the most recent figure of five per cent.  This presents the highest unemployment rate since February 2021, when the scamdemic was almost one year in.  It doesn't look good and if the figure rises again in the next quarter it may well draw level or even best the worst of the scamdemic.

Well done Labour voters!