On Wednesday 26th March 2025, the Labour Chancellor Rachel Reeves presented her Emergency Budget to the House of Commons. Rebecca Smith MP, Member of Parliament for South West Devon, has released a written statement in response.
Rebecca Smith MP stated:
After being promised in October that this Labour Government would only announce one fiscal event a year, today, five months on, we heard the Labour Chancellor’s Emergency Budget.
Rachel Reeves promised to go for growth, slash inflation, cut borrowing, get Britain working and grab debt interest by the horns. According to the Office for Budget Responsibility’s own analysis, the Labour Chancellor has failed by every measure. This is before the 300 pages of Labour’s job-killing Employment Rights Bill is even taken into consideration.
The Office for Budget Responsibility (OBR) March 2025 Economic and Fiscal Outlook reported:
Growth forecast halved for this year to 1%
Inflation more than double forecasts made under the last Conservative Government, hitting 3.2%
Borrowing up, totalling £47.5bn by 2029/30
Unemployment will balloon to 1.6 million this year
Debt interest will smash £30bn by 2029/30
Referring directly to the OBR report, Rebecca Smith MP responded:
The Labour Chancellor taxed jobs, charities, farmers and cut pensioners’ Winter Fuel Payment – this damning indictment is hers alone.
On defence, Ms Smith added:
With that said, the confirmed uplift in defence spending to 2.5% of GDP and plan for better military homes in Plymouth is welcomed. I have been clear about the need to reinvest in our Armed Forces and, in South West Devon, I have been supporting serving personnel with their unfit military accommodation. I look forward to reading the detail of these plans when released.
