UK prime minister writes in FT that Labour government will not become addicted to tax and spend
UK Prime Minister Sir Keir Starmer has sought to reassure nervous markets that his government will not become addicted to tax and spend after this week’s Budget, as he promised to carry out tough reforms to Britain’s “creaking” state. Writing in the Financial Times after Labour’s first Budget in 14 years sparked a bond market sell-off, Starmer attempted to dispel fears that he would rely on more tax raises and borrowing to fund public services.
The prime minister said the planning reforms were “not yet ready” to be included in official growth forecasts by the Office for Budget Responsibility, but he insisted they would be delivered and would boost the country’s economic potential. “A ‘big build’ could become as transformative for working people as the ‘big bang’ was for the City of London in the 1980s,” he wrote. Markets had calmed by the end of Friday’s trading session, with the 10-year gilt yield at 4.
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