Across the UK, families are tightening their belts once again — from rising mortgage rates to higher grocery bills — and the feeling that something has gone terribly wrong with the economy is hard to ignore.
But when it comes to assigning blame for this financial turmoil, Chancellor Rachel Reeves seems to think the fault lies everywhere but within her own office.
A Chancellor in Denial
For months, the British economy has looked increasingly fragile, yet Reeves has managed to convince herself that she’s a mere bystander.
In what felt more like a morning talk show than a serious policy update, the Chancellor appeared on air this week to deflect responsibility in every direction imaginable.
Liz Truss, Donald Trump, Vladimir Putin, Boris Johnson — even Brexit and global “headwinds” made her list of culprits.
Everyone, it seems, is to blame except Rachel Reeves.
Her speech wasn’t a sign of leadership; it was an act of political survival.
With her second Budget due at the end of the month, Reeves appears to be laying the groundwork for another round of painful tax hikes — and she knows the public won’t take it quietly.
Excuses, Excuses
Brexit was back in her crosshairs too. Reeves claimed it was now hampering her economic plans, despite barely mentioning it when she unveiled her first Budget a year ago.
Back then, it wasn’t a “constraint.” Now it’s suddenly the villain of the story. Convenient timing, perhaps?
Poor productivity was another talking point. Yet Britain’s productivity problem isn’t new — it’s been a slow drag on growth for years.
The Office for Budget Responsibility (OBR) has been warning about this for ages, and its latest downgrade in forecasts has widened the fiscal gap Reeves now needs to plug. This, however, is a gap she largely created herself.
Blaming Everyone But Herself
Reeves insists the Conservatives left her an economic mess, and in some ways, she’s right — productivity and debt were already weak points.
But that excuse loses steam when you consider that public sector productivity fell by 0.7% in the last quarter alone, the worst decline in three years. That’s happened on her watch, not the Tories’.
Her creativity in shifting blame even extended across the Atlantic.
She pointed a finger at Donald Trump, arguing that his tariff policies have contributed to the UK’s economic woes.
Yet when she rolled out her first Budget, Trump’s trade stance was no secret — he was already nicknamed “Tariff Man.” Pretending she’s shocked by it now just doesn’t hold up.
The Cost of Borrowing — and of Bad Choices
High borrowing costs are another complaint from Reeves.
Yes, the UK is paying more than £100 billion a year in interest on its national debt.
But interest rates have risen under her leadership — and let’s not forget that Labour, in opposition, often urged the Tories to spend more, not less.
Even more puzzling, Reeves added £30 billion in new borrowing during her first Budget, on top of £40 billion in new taxes — a direct contradiction of her campaign promises.
The result? Confidence among both consumers and businesses has been shaken, and economic growth has stalled.
Spending Without Strategy
Despite ballooning debt, Reeves hasn’t curbed her appetite for spending.
She’s promising more money for the NHS, welfare, and energy support schemes — even as the national debt continues to rise.
Critics call it “economic madness”: the government drives up energy prices with its net-zero policies, then raises taxes to subsidize the same bills.
And what’s been achieved so far? NHS waiting lists have dropped slightly — by around 250,000 — but still hover above 7.3 million people.
Healthcare productivity is down 1.5% in a year, proving that throwing money at a problem doesn’t necessarily fix it.
The Return of the Taxman
Reeves insists she wants to reduce the national debt, but her actions suggest the opposite.
With another £30 billion black hole looming, and cuts ruled out, the only solution left is — you guessed it — more taxes.
The Chancellor has already hinted at freezing income tax thresholds for two more years and potentially increasing both basic and higher tax rates by 2p.
That could bring in around £25 billion, but it’ll come at a steep cost to ordinary workers.
Low-income earners could find themselves paying income tax for the first time, while middle-class families get pulled into higher tax brackets once reserved for the wealthy.
The very people Labour claims to champion — “working people” — are about to feel the sting.
Broken Promises and Bitter Pills
Not long ago, Reeves promised that her last round of tax rises would be a one-off.
Now, she’s preparing to break that promise with another Budget that’s expected to hit households hard.
Her new message? “We will all have to contribute.”
But that “contribution” will come at a time when unemployment is rising, inflation is nearly 4% — the highest in the G7 — and economic growth has barely scraped 1%.
The national debt is swelling faster than in any other major economy, while public sector productivity remains stagnant.
A House Built on Shaky Foundations
And yet, Reeves insists she has “fixed the foundations of the economy.” To most observers, that claim sounds absurd.
If anything, she’s built a house of cards — one wobble away from collapse.
Unemployment is climbing, inflation remains stubborn, and confidence is eroding.
If this is what “fixing the foundations” looks like, then it might be time for the Chancellor to take a long, hard look in the mirror.
Because in truth, the biggest problem facing Britain’s economy right now isn’t global headwinds or past governments.
It’s a Chancellor determined to spend her way out of trouble — while pretending the storm isn’t of her own making.