Economy

The welfare state is grotesquely unfair. There are people who receive thousands of pounds from the taxpayer with little government oversight, even when they have no genuine need for the cash. They spend it on things like cars, flat screen TVs and other luxury ephemera. And there is a sense of entitlement among these scroungers, a feeling that they are somehow owed the fruits of other people’s labour. These people are of course pensioners. ‘But, but, but,’ I hear them gargle through Wine Society crémant, ‘I’ve paid into the system all my life, I’ve earnt my pension!’ No you haven’t. You very unwisely handed over your taxes to successive governments

In more bad news for Rachel Reeves as the Chancellor prepares for next week’s Spring Statement, the OECD has downgraded Britain’s growth prospects. The organisation forecast the UK’s economy to grow 1.4 per cent this year and then just 1.2 per cent next year – compared with the 1.7 per cent and 1. 3 per cent that they’d previously estimated. In fairness, the whole world is seeing slower growth, according to the OECD’s estimates. America’s growth forecasts were also downgraded to 2.2 per cent this year, followed by 1.6 per cent in 2026 compared with the 2.4 per cent and 3.1 per cent that had originally been forecast. The report’s

There are, as Rachel Reeves keeps telling us, some tough choices to be made. Whether she is personally tough enough to make them is another matter. It seems as if the government is already retreating on proposed plans to freeze Personal Independence Payments (PIP) in the Spring statement in ten days’ time. A putative backbench rebellion has grown in size to a level at which even a government with a majority of 160 cannot be sure of success. There were also rumoured threats of ministerial resignations. It shouldn’t really come as a surprise. Many Labour MPs have it in their heads that they were elected to protect the poor and

Growth has ground to a halt, manufacturing is collapsing, and the government is desperately scratching around for ways to save some money so it can balance the books. There is not much to make anyone feel optimistic about the state of the British economy right now. Except, that is, for the healthy performance of the UK’s traditional, mid-market retailers. Marks & Spencer and Tesco are both in rude health. Now, John Lewis, which has reported a rise in pre-tax profits of 73 per cent to £97 million, is the latest retailer to demonstrate its ability to bounce back.  After years of steep losses under the hapless leadership of the former

If you are an idler sponging off the state, you have every excuse to feel cheated. Throughout his years in opposition, Keir Starmer gave you every impression that he was on your side. During his Labour leadership election campaign in 2020, he promised to end Universal Credit and replace it with something more generous. In 2021, when Boris Johnson’s government proposed to remove the £20-a-week uplift in benefits, which it had introduced at the beginning of the pandemic, Starmer called a vote to oppose the move, accusing the then government of ‘effectively turning on the poorest in our society’. Shortly before last year’s general election, he agreed with the Big