Warning that new Labour MPs may not be content with Reeves' 'iron' fiscal discipline if party comes to power
Warning that new Labour MPs may not be content with Reeves' 'iron' fiscal discipline if party comes to power
Reeves has been clear about the need for her “iron discipline”. She says that it must underpin everything a government does, that without it change cannot be achieved and “ordinary working people” can suffer.. So far that discipline has held, with Starmer fully on board. But now there are warnings about the pressure that it could face if and when it comes into contact with an ambitious new Labour intake.
One former Treasury civil servant who has worked under both Labour and Conservative ministers argued that the mindset Reeves had adopted could soon face a challenge. “She absolutely does have Treasury brain,” they told“She’s been schooled in the Bank of England, and then HBOS. So her entire formative experiences in finance have been very orthodox: sound money, pro business, competition, etc.
“Any Prime Minister has to flex on this stuff, no matter what majority you’re sitting on,” the source added. “It may only be at the margins, but LOTO is cuckoo if it thinks it can hold the line on fiscal prudence all through the first term – it will need to give up something. Hopefully funded by economic growth.”
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