Rachel Reeves digs her own £20bn black hole as mind-blowing incompetence laid bare
Rachel Reeves, the current Chancellor, is facing strong criticism after new government data revealed a sharp increase in national debt. Ironically, Reeves made her reputation by accusing the Tories of leaving behind a £22 billion black hole but now, she’s being blamed for creating one of her own.
Instead of promoting confidence in Labour’s leadership of the economy, Reeves and Keir Starmer had previously focused on attacking the Conservative record. But now, the Office for National Statistics (ONS) has released figures showing public sector net borrowing reached £151.9 billion between April 2024 and April 2025. That’s £20.7 billion more than the previous year, making it the third highest borrowing total ever recorded in the UK—and the first annual increase since the COVID-19 pandemic.
Critics say this undercuts Labour’s credibility on managing the economy. The International Monetary Fund (IMF) also added pressure yesterday by lowering its forecast for Britain’s economic growth this year, a move that rattled confidence in Labour’s economic plans.
The Conservative Party hasn’t missed the opportunity to hit back. Shadow Chancellor Mel Stride blamed the figures on what he described as Labour’s “high-tax, high-spend agenda.” Andrew Griffith, the Shadow Trade & Business Secretary, also joined the criticism, pointing out that Reeves is currently abroad in Washington while Britain’s financial outlook gets worse.
He remarked that instead of focusing on international trips, the Chancellor should be back home trying to control public spending.
Despite Labour’s earlier promises of stability and responsible fiscal management, the numbers paint a different picture. With debt rising and growth forecasts slipping, Reeves now finds herself under the same spotlight she once aimed at her Tory opponents.
