Rachel Reeves torn apart over ‘black hole’ claims as new OBR forecast spells trouble for Chancellor

The Chancellor has been criticized by the Shadow Business Secretary on GB News. Andrew Griffith, the Shadow Business Secretary, rejected Labour’s claims of a financial crisis in public finances. He also urged for strong actions to improve UK economic growth by reducing energy costs and cutting down on regulations.

During his appearance on GB News, Griffith mocked Labour’s financial predictions, saying: “There’s more proof of the Loch Ness Monster than this so-called financial black hole.”

He pointed out that the Conservatives left an economy that was “the fastest growing in the G7” with low inflation before Labour started to negatively talk about the economy.

Griffith blamed Labour for weakening economic confidence with their handling of public finances and spending.

He criticized Rachel Reeves, a Labour politician, saying: “The consequences are catching up,” referring to Labour’s high taxes on businesses and increased spending on the public sector.

He cautioned that Labour’s policies would lead to higher interest rates and increased prices for everyday goods.

Griffith also worried about increasing unemployment, stating that more people would lose their jobs than necessary.

He stressed the importance of lowering energy costs for economic growth, arguing that high industrial energy costs make it hard to compete globally.

Griffith pushed for less regulation, especially in planning and business laws, and supported entrepreneurs and small businesses by suggesting they should keep more of their earnings.

Lastly, he urged the government to drop Labour’s employment bill, which he claimed was influenced by trade unions and would lead to more strikes, similar to the 1970s. He believed that keeping the labor market flexible is a key advantage for Britain.