0:00
that years of economic mismanagement has
0:02
limited our country's potential with
0:05
long-term issues continually unchecked
0:08
and potential unrealized. At the budget
0:11
last year, I fixed the foundations
0:14
dealing with the aftermath of Liz
0:16
Truss's disastrous mini budget and the
0:19
22 billion pound black hole in the
0:21
public finances left by the previous
0:26
That was the chancellor speaking this
0:27
morning. Um, she says that last year she
0:30
fixed the foundations and now discovered
0:32
that the roof's leaking. It's basically
0:34
how it looks. She said all this
0:35
precisely this time last year. This time
0:37
last year she said it's terrible. We've
0:38
looked at all the numbers. It's worse
0:40
than we thought. We're going to have to
0:41
raise taxes. And uh here we are one year
0:43
on and she says it's terrible. It's
0:45
worse than we thought. We've looked at
0:46
all the numbers and we're going to have
0:47
to raise taxes. So the economics of this
0:50
are pretty black and white really. I
0:52
mean, this is a Labor government that
0:53
that will probably by instinct raise
0:56
taxes and raise spending, and nobody
0:58
should be terribly surprised by that,
1:00
and we can have a robust debate about
1:02
the wisdom of that. And on the politics
1:04
of this, I mean, it's it's pretty high
1:06
stakes stuff. I think that the speech
1:08
will backfire. The chancellor gave the
1:10
speech this morning, very unusual, three
1:12
weeks ahead of the budget, to tell
1:13
everybody that it's going to be really
1:15
bad and and this is why she thinks it's
1:17
really bad. She's blaming everything she
1:18
can get her hands on as far back as as
1:21
David Cameron in order to roll the pitch
1:23
and and raise taxes. I think it's going
1:25
to backfire. I think it's the wrong
1:26
course of action economically. I think
1:28
politically it's extremely high risk.
1:30
And we've now just got three weeks of
1:32
this crazy speculation as to what
1:33
exactly she meant when she says
