Being in Downing Street will not be a particularly inviting prospect for whoever wins the general election
An election is looming for Richi Sunak and Keir Starmer go-to chat these days is to brand the Tories as tired, desperate and out of ideas. Both sides have their attack lines ready to go – as was evidenced this week in. But despite the war of words, the two parties do have one thing in common: neither want to talk about 2025.
Neither party wants to talk about this when they are trying to find an optimistic message along with retail policies to help them at the ballot box. “The spending problem is the elephant in the room,” says one minister. The hope in No 10 is that, by the summer, people will start to feel the latest tax cuts, inflation will be down, and the Bank of England could have started cutting interest rates. “At that point people might start to believe we do have a plan and that the plan is working,” says one Government insider.
It’s why the 2025 question is the most uncomfortable one for Reeves and Starmer. Labour figures have long talked about how they could have their own equivalent of thethat the Tory-Lib Dem Coalition had on entering power in 2010. They used the note to trash Labour’s reputation on spending. But the elephant in the room is tax rises. It is traditional for a government in its first post-election Budget to raise tax – in the hope that they can do some more voter-friendly things as the term ends. But Reeves has already ruled out a whole load of them – including upping the top rate of income tax, increasing capital gains or bringing in a mansion tax.
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