Rachel Reeves is so out of her depth the UK is in a time machine back to the 1970s

This week, the Bank of England cut interest rates by 0.25% – news that is of course welcome, especially for the thousands of borrowers or those many families across the country with mortgages.

And whilst we recognise the importance of this, let us not be blind to what is really behind the Bank’s decision.

Labour would have you believe that this a sign that there is finally some sign of life in their economic plans, whilst desperately trying to pull the curtain over the concerning truth that lies behind.

These rate cuts come because of the careful and prudent fiscal management of the last Conservative government – not the fiscal incompetence of this Labour one.

What the government also will not address, what they will try and hide and obfuscate, is the significant warnings from the Bank about our direction of travel.

Hidden by ’s coached and rehearsed lines, tucked behind Rachel Reeves’s “deer in the headlights” demeanour is the fact that our growth forecasts have been halved, and inflation is predicted to spike upwards.

And for this “stagflationary” mix there is only one cause, and one blame – ’s and Rachel Reeves’s deeply damaging Budget.

The Budget’s litany of damaging tax rises, from the billions taken from businesses and working people through the Jobs Tax, or her assault on the very existence of the family farm, Starmer and Reeves have put this country’s economy into a time machine right back to the 1970s – with unions calling the shots, and the public finances shot to pieces.

In just a few short weeks, the OBR will deliver its verdict on where Labour’s choices have taken the public finances, and if the reports are true, the verdict is set to be damning.

This Chancellor has already proved herself time and time again to be so fundamentally out of her depth. No matter how Labour try and pretend otherwise, the signs are increasingly clear that come March, Reeves will be back with more taxes or painful spending cuts.

It is clear to businesses up and down the country that this country needs a full economic course correction.

Starmer and Reeves should see the many warning lights flashing in front of them, and take the difficult decisions needed to reduce the ever-bloating size of the state, get serious on welfare reform rather than endlessly kicking it into the long grass, and tackle public sector productivity – rather burdening this country with more of her economic ineptitude.

And they need to look no further than the United States to know what is needed more than anything is a government that sees the value of business, pursues a dynamic economic agenda, strips backs the barriers to growth and regulatory red tape, and puts the economic wellbeing of its citizens at heart.

If Labour were serious about being anything more than another socialist government, run out of other people’s money, they would embrace this – rather than continuing down this path of -managed decline.

We know this, and that is why under new leadership, we are setting forth on a path of renewal – building and developing a plan for a more dynamic, citizen-centred government.

Under Kemi Badenoch’s leadership we will come back to the country with a vision for government that recognises the government needs to do fewer things, and plays a smaller role in people’s lives, but delivers on those key issues far better than it currently does or has before.

It is the Conservative Party that will offer a future where government works in the long-term interests of businesses, of families, and of young people, and a government truly serious about doing what needs to be done to return growth to this country.

And until that time, we will continue our work, day in and day out, to hold this disastrous Labour government to account – reminding them that neither the taxpayer nor business should be treated as a means to an end or a cash cow to milked but as the people who the government should put front and centre in their decision making.