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UK: PM Claims Economy 'Turning Around' Ahead Of Chancellor's High-Profile Speech

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Speaking to Bloomberg TV, PM Sir Keir Starmer has claimed that the British economy is showing signs of a positive turn-around. Starmer's comments come a day ahead of a major speech from Chancellor of the Exchequer Rachel Reeves, who is expected to back major planning reforms and infrastructure projects as part of the gov'ts 'strategy for growth'. 

  • Earlier Starmer claimed “We have to get our economy working. I think we’re beginning to see how that’s turning around,” saying that his gov't would “strip away regulation, strip away the inhibition of planning and use AI to take us forward". Weak economic expansion and declining business confidence have dealt a blow to the Starmer gov'ts claims that "The number one priority of this Labour government is growth: growth, growth, growth.”
  • Seemingly still no set time for Reeves' address to be delivered in Oxford, with The Telegraph reporting a window for the address as "Wednesday morning."
  • The most eye-catching headlines from Reeves' speech could centre on the gov'ts support for the expansion of three major London-adjacent airports: Heathrow, Gatwick and Luton. This change in stance - Starmer previously opposed a third runway for Heathrow - could risk rifts in Cabinet with Energy Secretary Ed Miliband seen as a staunch opponent of expanding airports.
  • Public trust in Labour's ability to manage the economy continues to slide, with the latest poll from Ipsos showing 27% of respondents choosing the party as their most trusted. While this is still ahead of the main opposition centre-right Conservatives on 21%, the gap between the two is the narrowest since late 2022. 

Chart 1. Opinion Poll 'Party most trusted to manage Britain's economy', %

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Speaking to Bloomberg TV, PM Sir Keir Starmer has claimed that the British economy is showing signs of a positive turn-around. Starmer's comments come a day ahead of a major speech from Chancellor of the Exchequer Rachel Reeves, who is expected to back major planning reforms and infrastructure projects as part of the gov'ts 'strategy for growth'. 

  • Earlier Starmer claimed “We have to get our economy working. I think we’re beginning to see how that’s turning around,” saying that his gov't would “strip away regulation, strip away the inhibition of planning and use AI to take us forward". Weak economic expansion and declining business confidence have dealt a blow to the Starmer gov'ts claims that "The number one priority of this Labour government is growth: growth, growth, growth.”
  • Seemingly still no set time for Reeves' address to be delivered in Oxford, with The Telegraph reporting a window for the address as "Wednesday morning."
  • The most eye-catching headlines from Reeves' speech could centre on the gov'ts support for the expansion of three major London-adjacent airports: Heathrow, Gatwick and Luton. This change in stance - Starmer previously opposed a third runway for Heathrow - could risk rifts in Cabinet with Energy Secretary Ed Miliband seen as a staunch opponent of expanding airports.
  • Public trust in Labour's ability to manage the economy continues to slide, with the latest poll from Ipsos showing 27% of respondents choosing the party as their most trusted. While this is still ahead of the main opposition centre-right Conservatives on 21%, the gap between the two is the narrowest since late 2022. 

Chart 1. Opinion Poll 'Party most trusted to manage Britain's economy', %

Keep reading...Show less