Chancellor Rachel Reeves is facing significant criticism. (Image: Getty)
has been accused of “wielding policy like a toddler” and “steering the UK full speed into a dead end” by business leaders who have urged her to resign as Chancellor.
Ms Reeves is currently under significant pressure due to rising government borrowing costs, a declining pound, and criticism over her recent decisions.
UK government bond yields have reached 17-year highs, increasing debt servicing costs and straining public finances. At the same time, the pound has fallen to a 14-month low, intensifying economic challenges.
Commenting, Kundan Bhaduri, Property Developer and Portfolio Landlord at The Kushman Group, said: “It’s time for the Chancellor, the and the rest of this bumbling Labour circus to exit stage left – before the British public hurls them out.
“Rachel Reeves, whose grasp of economics appears as flimsy as her questionable CV, has dragged the economy into chaos, wielding policy like a toddler with a chainsaw.”
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Sir Keir Starmer delivers his speech today. (Image: Getty)
Mr Bhaduri claimed Sir Keir and his colleagues “have turned Westminster into a bad sitcom”.
He added: “Britain deserves leaders with integrity, not a band of chancers stumbling from one scandal to the next.”
Stephen Perkins, Managing Director at Yellow Brick Mortgages, added: “The Chancellor must either step down or execute a swift U-turn, as she is currently steering the UK full speed into a dead end.
“Presented as a ‘budget for growth,’ the reality is starkly different – much like the discrepancies in her CV. The only noticeable growth has been in government debt.”
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Meanwhile, Keith Budden, Managing Director at Ensurety, said: “Should the Chancellor resign? It’s a definite yes from me.
“It is hard to determine exactly where the Chancellor sits politically, but what is certain is that she has generated zero confidence amongst the business community.
“It was hard to imagine that Reeveonomics could be as disastrous as Trussonomics, but it has proven to be the case.
“I never thought I would say this, but bring back Gordon Brown (or persuade to swap sides in the Commons) – all is forgiven.”
Sir Keir himself was forced to defend the woman who is the architect of his Government’s economic strategy after delivering a speech in which he set out the Government’s plans to improve the UK’s use of artificial intelligence.
He said: “We’re going to stick to the fiscal rules.
Jeremy Hunt was Ms Reeves’ predecessor as Prime Minister. (Image: Getty)
“That is a very important thing that we’ve said throughout.
“We set out those fiscal rules very early on in the day because we knew that the missing ingredient in recent years has been economic stability, we’re determined to bring about that economic stability, and that’s why the fiscal rules are absolutely central to what we do.”
He said changes to planning rules, the industrial strategy and embracing artificial intelligence would fuel growth.
“That is why I’m confident in our mission for growth and I’m confident, completely confident in my team.”
He added: “We never pretended, nor would anybody sensibly argue, that after 14 years of failure, you can turn around our economy and our public services before Christmas.
“Before the election, I said it’s not going to be possible to do this in six months. It’s going to take time.”