Reeves pledges ‘economic stability’ as party campaigns on cost of living

Katie Neame
Rachel Reeves. Photo: Labour

Rachel Reeves has pledged to bring economic stability “to protect family finances” in a new campaign video after Labour Party analysis found that the typical household is almost £6,000 worse off since 2019.

The Shadow Chancellor released a campaign video this morning in which she told viewers that “you are worse off” after 14 years of the Conservatives in power, declaring that stability is “on the ballot paper at this election”.

The Labour frontbencher said: “It’s time for change. With me as Chancellor, you’ll get economic stability. Stability to protect family finances. Stability to give businesses the confidence to invest. And stability so we can keep taxes, inflation and mortgages as low as possible.”

Reeves will today meet with supermarket workers in London to talk about the cost-of-living crisis. In a piece for the Daily Mail ahead of the visit, the Shadow Chancellor pledged to “never play fast and loose” with taxpayers’ money.

She wrote: “I believe in sound money and public spending that is kept under control. I know how important it is that whoever is running the public finances has an iron grip on them because when they don’t – as we witnessed under Liz Truss – it is families that are forced to pick up the bill.”

Reeves also told Daily Mail readers that their “natural home is now the Labour Party”, arguing that both the Tories and Labour “have changed” since the last election.

Daily Mail readers value economic stability, secure borders and strong public services. And they want politicians who are in the service of their country, not their party. Those are my values – they are Keir Starmer’s values,” she wrote.

Labour’s analysis found that the typical household is now £5,883 worse off since the last general election year, calculating that they are seeing their mortgages increase by £2,880 per year, groceries by £1,040 and personal tax by £874.

The party released an attack ad based on the research this morning, which asks “who gets richer whilst I get poorer?” alongside a picture of Rishi Sunak.

Commenting on the research, Labour’s Shadow Chief Secretary to the Treasury Darren Jones said: “Rishi Sunak’s economic failure has meant soaring costs for regular expenses leaving families almost £6,000 worse off since 2019, while he personally has become richer than the King.

“The Labour Party has changed, but once again it is the Conservatives that haven’t learned any lessons and are ploughing ahead with a Liz Truss-style £46bn unfunded tax plan to abolish National Insurance. Britain can’t turn a corner with the people who drove us into a dead end in the first place.

“The only way to turn the page on this decline is by voting for change at this general election. The Labour Party will deliver the economic stability that can underpin keeping taxes, inflation and mortgages low while finally getting growth back into our economy.”

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