LBC: Andrew Marr pulls up Rachel Reeves on tax cuts maths

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Addressing the Labour Party Conference in Liverpool, the Shadow Chancellor said she would be introducing a National Economic Council. This would see trade unions and industry leaders help to form policy. She also said that the party would raise the minimum wage, saying it would introduce “a minimum wage that reflects the real cost of living”.

This, she said, would be a “genuine living wage”.

The Shadow Chancellor also said the party would introduce a National Wealth Fund to invest in green projects which will benefit the public.

Ms Reeves criticised the Conservative Party for their latest economic policies, saying: “On Friday, the Chancellor had an opportunity to set out a serious response to the cost-of-living crisis. And he failed.

“What did we get instead? A tax cut for the wealthiest one percent. Increased bankers’ bonuses.

“And more than £50 billion piled onto the national debt every single year, because of their reckless decision to put all the costs onto borrowing.

“They didn’t just break their own fiscal rules for the tenth time in twelve years. In one go, they borrowed more than in any budget since 1972, with inflation already high, and interest rates already rising.”

She added: “I dare any tory MP to tell a nurse or care worker to their face that what this country needs is bigger bonuses for bankers.”

In an attempt to reassure voters of Labour’s competence in Government, Ms Reeves promised “economic responsibility & social justice”.

She said: “Labour will not waver in our commitment to fiscal responsibility.

“Every policy & every line in our manifesto will be carefully costed & fully funded.”

Updates to follow…

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