In a fiery news conference this afternoon, Shadow Chancellor Rachel Reeves took aim at the Conservative Party’s latest manifesto, accusing Prime Minister Rishi Sunak of misleading the public with unrealistic tax cut promises.
“The money’s not there,” Reeves declared, arguing that the Conservative’s proposed financial plans would ultimately burden homeowners with an additional £4,800 in mortgage costs. She likened the potential economic fallout to the aftermath of Liz Truss’s mini-budget, which previously triggered a spike in interest rates.
The Conservatives unveiled their manifesto at Silverstone earlier today, but Reeves claimed Labour had identified £71 billion in “unfunded commitments throughout the next parliament” within the document. She warned that these financial pledges would exacerbate the cost-of-living crisis, stating, “We know where these sorts of unfunded promises from Conservative prime ministers lead. They lead to higher mortgages, leaving you and your family worse off.”
Reeves used the platform to reassure voters about Labour’s fiscal strategy, reiterating a pledge not to raise national insurance, income tax, or VAT if they win the upcoming election on July 4. “We will only cut taxes when the money is there,” she emphasized, advocating for responsible financial management and sustainable economic policies.
The sharp critique comes as the election campaign intensifies, with both major parties vying to convince the electorate of their economic competence. As voters prepare to head to the polls, the debate over fiscal responsibility and the real impact of tax cuts is set to dominate the political discourse.
