It’s frightening to think that Rachel Reeves is in charge of our economy (Image: Getty)
The reverse Midas touch is defined as “the tendency to ruin or destroy any object or task at hand”. And that’s what Rachel Reeves has done since taking power.
Every pledge, every boast, every dodgy promise has fallen apart in her hands.
The law of averages suggests she’d get at least one thing right. But so far, none.
Reeves has repeatedly pledged to deliver sustained economic growth. She called it “our national mission”.
Yet the economy stopped growing the moment she banging on about her black hole and threatening the nation with tax hikes in her autumn Budget.
Now it’s started to shrink. Soon we might slump into recession.
And it’s all down to her. That’s just for starters.
Deutsche Bank predicts her decision to hike employer’s national insurance by £25billion will wipe out at least 100,000 jobs, as businesses cover the cost by making staff redundant.
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When consumer price inflation fell to 1.7% in September, the nation breathed a collective sigh of relief thinking the cost-of-living crisis was finally over.
Reeves’ Budget killed that prospect. The Bank of England immediately warned her tax and spending splurge will help to drive inflation back up.
Which means fewer cuts too. And higher mortgages.
It’s true that part of the inflationary upsurge is down to expectations that will slash corporate taxes and impose tariffs on imports.
But Reeves has done her bit too.
Her pledge to follow “robust fiscal rules” collapsed after she fiddled with those rules to justify borrowing an extra £30billion.
Now the bond market no longer trusts her, plunging us into crisis.
Today, Barclays warned Reeves will either have to cut spending or hike taxes in the spring, to balance the books. That’s yet another mess of her own making.
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Reeves has made a big show of sticking to the “principles of sound money and economic responsibility”.
That hasn’t ended well.
Yields on 10-year government gilts have just hit their highest level since the financial crisis in 2008. So that’s something else she’s wrecked. Then there’s the pound.
Deutsche Bank is now telling investors to sell sterling because the sell-off has “further to go”.
Reeves has inflicted one disaster after another. I haven’t even mentioned the .
Nor that havoc she will wreak by imposing inheritance tax on farmers and businesses.
Yet she continues to claim that she has restored stability. That’s all gone.
I dread to think what Reeves will touch next. For all our sakes, let’s hope it’s her P60.