𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

The Chancellor is adding £650million to Britain’s national debt every single day. By the end of the summer, our total debt will smash through the £3trillion mark for the first tie. Incredibly, it’s tripled in just 15 years. Yet instead of panicking and cutting back, Labour MPs are demanding the party spends even more mooney. So does PM-in-waiting Andy Burnham. This can only end one way.

Reeves claims she wants growth. But instead of cutting taxes and slashing red tape, she’s crushing businesses and bringing the economy to a crashing halt. At the same time, she’s decided the state knows better than the private sector how to invest. So she’s pumped £28billion into a so-called National Wealth Fund, supposedly designed to back the industries of the future. Unsurprisingly, it’s already going wrong.

Taxpayers are on the hook for £388million invested in struggling broadband company Gigaclear. It’s only the start. In total, the fund poured around £1.7billion into high-risk telecoms and broadband networks designed to compete with BT. We’ll be lucky to get any of that back as the high-risk sector slumps. Expect plenty more disasters like this.

Unbelievably, Reeves has revived the totally discredited Private Finance Initiative model from the Tony Blair years. That left taxpayers trapped in eye-watering long-term contracts costing hundreds of billions of pounds. We’re still paying them off decades afterwards. Now Reeves wants another go.

She isn’t the only one chucking cash around. Ed Miliband is indulging his personal hobbyhorse, using your money. His breakneck Net Zero crusade could cost Britain a terrifying £125billion this decade, according to the Climate Change Committee. At the same time, he’s blocking North Sea oil and gas drilling, wiping out revenues and jobs alike.

His numbers simply don’t add up. Miliband promised 600,000 green jobs and £300 off our energy bills. Instead, tens of thousands of oil and gas jobs are being destroyed, while our gas and electricity bills go through the roof.

Miliband is also throwing cash at Great British Energy, Labour’s state-owned energy quango. Taxpayers will hand over £8.3billion just to get it started, despite no guarantee it will ever generate meaningful returns. Things could get even scarier if Andy Burnham reaches Number 10.

Burnham wants even more state spending and even more nationalisation. Bringing Thames water back into state ownership would cost taxpayers up to £100 billion. Nationalising the railways would swallow tens of billions more. Where does he think the money comes from?

Britain’s debt pile now roughly equals the country’s entire annual economic output. The last time it hit this level Britain had just fought the Second World War. The difference is that debt was falling then. Today, it’s rocketing. We already spend more than £100billion annually simply servicing the interest.

Reeves didn’t create all this alone. Our debt problems began under her hero Gordon Brown, and intensified during the financial crisis. The Conservatives lost control too, especially during the pandemic and Ukraine energy crisis. But Labour has taken the madness to another level. I’ve seen this happen to people drowning in debt. Instead of cutting back they go on another spending spree. That’s exactly what Reeves and Miliband are doing now.

This splurge cannot continue forever. Eventually reality will catch up with us. The IMF will step in and force brutal spending cuts and savage tax rises. Reeves and Miliband will leave a terrible legacy. Their lunatic spending spree will haunt us for decades.