Labour’s Emergency Budget: Families In Castle Point Are Paying The Price For Labour’s Economic Chaos

Economy

Dame Rebecca Harris has said Rachel Reeves’ Emergency Budget marks a grim moment for Castle Point and the country — and a damning verdict on Labour’s handling of the economy.

Commenting, Rebecca said: “Since the Chancellor’s first disastrous Budget, she has placed our country on a path of economic destruction by introducing £40 billion of taxes, massively piling up borrowing and destroying economic growth.

The consequences of her choices are now clear and it is the hardworking people of Castle Point that will be left to pay the price with companies laying off staff and holding back investment as a result. I will continue to fight these measures every step of the way.”

 

The independent Office for Budget Responsibility (OBR) has confirmed the consequences of Labour’s reckless choices. Under Rachel Reeves, the economic outlook has sharply deteriorated, leaving working people in Castle Point to pay the price.

  • Growth cut in half. Forecast GDP growth for 2025 has collapsed to just 1%, with the OBR citing structural weakness in the economy – much of it driven by poor productivity and falling business confidence.
  • Inflation rising again. Inflation is now expected to rise to 3.2% this year - more than double the forecast level when the Conservatives left office in 2024 and above the Bank of England's target.
  • No growth in living standards. Real GDP per person remains below pre-pandemic levels, with households facing stagnant wages, rising prices and higher taxes.

Just months after her first budget, the Chancellor has been forced to return to Parliament. This Emergency Budget is not a plan – it is an admission of failure and a direct result of the economic chaos created in Downing Street.

 

Commenting, Shadow Chancellor of the Exchequer Mel Stride said:

“Labour inherited the fastest-growing economy in the G7 — and in just months, they’ve brought it to a standstill. Growth halved, inflation rising, taxes at record highs and unemployment on the up.

The British people are working harder, paying more, and getting less. This isn’t stability — its economic chaos created by Keir Starmer and Rachel Reeves. Under new leadership, the Conservatives will hold this failing Labour Government to account and stand up for families across the country who are being punished by the Chancellor’s decisions.”

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