Let's return to the business of New Labour economic failure which shows how they are IDENTICAL to the Tories.
Peruse the article in the link below, but first here's a bit of it so we can savour how much absolute rubbish the press and 'leading economists' feed the public:
See that? Now anyone who has been following discussions here knows Rachel Reeves falls at the first hurdle. Why? Because the government doesn't borrow its own currency. And Britain's "debt burden" is a complete fantasy. Billions of pounds in tax cuts by the Tories will no doubt be for mostly rich people, but do you know what tax cuts are? A form of spending. That's right, it means spending: reducing the amount of spent money that returns to the government sector (as in the government sector in the sectoral balances). Bit of a problem that isn't it? It's what happens when Labour bigmouths just repeat ideological policy without thought or to woo other people who don't think it through.
So what is Rachel Reeves saying? She's saying something contradictory: we'll spend less, but we'll grow the economy. The notion being that somehow the government has to keep its eye on a limited purse and also just tax lots of money out of the economy. Which means (apart from tax dodgers who always maintain wealth) that they plan a government surplus, which means a public deficit. I.e. you having no or little money flowing towards you. Think hard about that.
It certainly has shredded, but Reeves thinks by saying we'll put a massive brake on the tool for creating economic recovery, that she's proposing the opposite. We don't 'fund tax cuts', tax cuts are already 'funding' in the sense they leave money in pockets. Usually the wrong pockets, but that's a choice.
Here we have 'leading economists' saying taxation, the destruction of spent money, "fuels inflation". Incoherent nonsense. If you pull the plug out of your bath and water disappears, it doesn't make the bath overflow. The borrowing thing we've already addressed. Steep cuts to public services though? This is what is called : monetarism or 'Thatcherism'. These are neither economists nor 'leading' they are ideologues and very dangerous ones.
https://www.theguardian.com/politic...edge-ironclad-discipline-with-public-finances