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UK: Focus Shifts To PM Following Chancellor's Conference Address

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Chancellor of the Exchequer Rachel Reeves' speech to the Labour party conference earlier today sought to tread a fine line between maintaining the carefully-curated image of fiscal probity the Starmer gov't has sought to portray, while also talking up the role of state-directed investment and looking to move on from the 'doom and gloom' of the gov'ts downbeat pronouncements since taking office in July. 

  • Without offering any concrete policy commitments before the 30 October Budget statement, Reeves looked to talk up gov't spending as a tool to boost growth saying “it is time that the Treasury moved on from just counting the costs of investments, to recognizing the benefits too.”
  • The focus will now turn to PM Sir Keir Starmer, who will deliver his keynote address to the party conference at around 1400BST (0900ET, 1500CET) on Tuesday 24 September. As Lewis Goodall at The Newsagents podcast posts on X, "there was something potentially significant in Reeves’ speech: she properly opened the door to borrowing for investment, to changing Treasury thinking. The beginning with a break of orthodoxy. If Starmer builds on it tomorrow, it could be that they start answering the question [of what Labour will do in power]."
  • Starmer has faced a difficult news cycle amid questions regarding the ethics of party donors providing clothes and event tickets to ministers. The conference address could prove a chance for the PM to arrest this negative momentum that has damaged his personal and the Labour party's approval ratings of late. 
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Chancellor of the Exchequer Rachel Reeves' speech to the Labour party conference earlier today sought to tread a fine line between maintaining the carefully-curated image of fiscal probity the Starmer gov't has sought to portray, while also talking up the role of state-directed investment and looking to move on from the 'doom and gloom' of the gov'ts downbeat pronouncements since taking office in July. 

  • Without offering any concrete policy commitments before the 30 October Budget statement, Reeves looked to talk up gov't spending as a tool to boost growth saying “it is time that the Treasury moved on from just counting the costs of investments, to recognizing the benefits too.”
  • The focus will now turn to PM Sir Keir Starmer, who will deliver his keynote address to the party conference at around 1400BST (0900ET, 1500CET) on Tuesday 24 September. As Lewis Goodall at The Newsagents podcast posts on X, "there was something potentially significant in Reeves’ speech: she properly opened the door to borrowing for investment, to changing Treasury thinking. The beginning with a break of orthodoxy. If Starmer builds on it tomorrow, it could be that they start answering the question [of what Labour will do in power]."
  • Starmer has faced a difficult news cycle amid questions regarding the ethics of party donors providing clothes and event tickets to ministers. The conference address could prove a chance for the PM to arrest this negative momentum that has damaged his personal and the Labour party's approval ratings of late.