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And now…the optimistic bit.
Labour‘s plan, upon coming into government, was always to begin with what is sometimes called “kitchen-sinking”: throwing all the bad news out there (along with the kitchen sink). The idea being that not only would this get all the difficult, unpopular decisions out of the way early, most of this could be blamed on the Conservatives. So this first budget, the one coming up at the end of October, was always intended to be a little grim.
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But that was always supposed to be followed, relatively soon afterwards, with the more optimistic stuff. More money for investment, a spending review that would cover the coming years, and a whole series of Labour-branded capital projects to replace the Tory-branded projects Rachel Reeves was canning in her “inheritance/black hole” event.
But the scale of reaction to the “black hole” announcement has been so significant that Labour is pushing ahead with the more optimistic stuff somewhat sooner than expected. The upshot is today the chancellor talked much more about “change” and “growth” than in her previous public appearances. She announced that the government will soon unveil an industrial strategy document which will lay out the sectors it will be supporting as the UK pushes towards net zero.
On top of that there were some smaller announcements which were intended to provide a little appetiser for Labour loyalists as they wait for the budget. In particular, the manifesto pledge for state-funded…
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