Labour MPs Stella Creasy and Rachael Maskell caution against using spending cuts to address the UK's rising borrowing costs, advocating for tax increases instead. They argue that better public services require increased funding and that focusing solely on cuts is ineffective.
Stella Creasy and Rachael Maskell warn against making spending cuts to ease budgetary woes, suggesting tax rises would be preferable
The intervention comes at the start of a critical week for Sir Keir Starmer’s government after 2025 started with a, Stella Creasy, the MP for Walthamstow who chairs the Labour Movement for Europe pressure group, warned against spending cuts, suggesting it would be preferable to raise taxes. She went on: “As others continue to make silly, unachievable promises to balance the books, improve outcomes and simultaneously cut costs, we need to talk more openly about the fiction that better services do not need better funding through taxation.Rachael Maskell, Labour’s MP for York Central, also said that any changes to fiscal policy as a consequence of the bond turmoil should come on the tax side.
“If you put the market movements when it comes to gilts for example alongside other international countries, in particular America, you see very similar trends,” he said. Criticising Reeves’ decision to fly to China, he added: “The Chancellor should be here, at her station, reassuring markets and trying to give some sense that the Government gets the depth of the problem.”
Labour Party UK Economy Borrowing Costs Spending Cuts TAXES
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