The Chancellor blew the national budget AGAIN in May. So how do her Treasury officials respond? Incredibly, they claim she’s \u201cstabilising the economy\u201d.<\/p>\n
I despair.<\/p>\n
I\u2019m not sure what\u2019s more infuriating about the Labour Chancellor \u2013 that she keeps getting everything wrong, or that she always finds someone else to blame<\/a>.<\/p>\n Whenever something goes south, she points the finger elsewhere: the Tories<\/a>, Brexit<\/a>, trade tariffs, \u201cglobal instability\u201d… anyone but herself.<\/p>\n Now, Treasury officials are left defending the indefensible. With nowhere else to turn, they\u2019ve resorted to arguing that black is white.<\/p>\n Every day, the economic picture gets worse. Both for Reeves, and the rest of us.<\/p>\n Yesterday, we learned that inflation isn\u2019t budging. It came in at 3.4% in May<\/a>, still way above the Bank of England\u2019s 2% target.<\/p>\n Reeves shoulders much of the blame. Her \u00a325billion national insurance raid on employers came into force in April, and businesses passed the cost straight to consumers.<\/p>\n Then came a double whammy, as the CBI slashed UK growth forecasts to a meagre 1.2% in 2025, and just 1% in 2026.<\/p>\n It also warned that unemployment will rise from 4.6% to 4.8%. An incredible 275,000 jobs have already gone under Reeves. So that\u2019s even more people out of work.<\/p>\n Yesterday, the Bank of England also refused to cut interest rates<\/a>, further squeezing households and businesses<\/a>.<\/p>\n And today? Even more bad news.<\/p>\n Official figures show the Treasury borrowed a whopping \u00a317.7billion in May. That\u2019s \u00a3600million more than forecast, and \u00a3700million more than the same month last year.<\/p>\n