Labour is also taking a combative approach towards comments made by Sir Jim Ratcliffe about Britain’s decline. Phillipson said:
“I do think you lose the moral high ground in the argument you make, Jim Ratcliffe, that is, by making these kinds of pronouncements while choosing to make decisions, that he is within his rights to make, to become a tax exile.
And of course, he was also someone, as I understand it, who was a big supporter of Brexit.
That was over a decade ago now, but we’ve seen the impact of Brexit on our economy, and that’s why this Government is committed to making sure we do have a better trading relationship with the European Union, which will be a central part of how we make sure we do see stronger growth.”
Andy Haldane, Burnham’s recent adviser on the economy who has not taken up a No10 job, told Andrew Marr on LBC:
“The market now suspects that this is a traditional tax-and-spend socialist government with better TikTok videos…
imposing windfall taxes on oil & gas or on banks or upping capital gains tax would […] repeat the mistake that Rachel made […] The Achilles heel, the fiscal Achilles heel of this government thus far has been its unwillingness and/or inability to cut public spending.”