Laura Kuenssberg savages Labour’s economic plans

Shadow Chancellor Rachel Reeves criticised the economic approach of the Conservative Government as she suggested the Labour Party would provide greater economic stability for the UK. The news comes as Chancellor Jeremy Hunt is set to launch the Conservative’s autumn budget next week. Despite her strong views on the Conservative management of the economy, the Shadow Chancellor confessed an incoming Labour Government would not be able to implement all of their proposed policy ‘as quickly as possible’ given the current state of the economy. BBC journalist Laura Kuenssberg accused the Labour MP of ‘trying to have it both ways’ by shaming Conservative policy, yet outlining a largely similar Labour approach.Asked if she would raise taxes and cut public spending as chancellor, Rachel Reeves said: ‘I have already set out some of those tax changes that an incoming Labour government would make.’She continued: ‘I do recognise that an incoming Labour government will not be able to do everything that we want as quickly as possible.’That is frustrating because the way that the government has managed our economy and the public finances this last decade means that we have got public services on their knees and public finances in a mess – an incoming Labour government will inherit that. ‘I have set out a set of fiscal rules and that says everything in our next manifesto will be fully costed and fully funded. ‘We recognise that we would inherit this mess and it would put constraints on us, but it is important that we get both the stability and security that we need in our economy.’ Laura Kuenssberg suggested Rachel Reeves was ‘trying to have it both ways’ with Labour’s fiscal plan (Image: BBC) Jeremy Hunt has confirmed the autumn budget will include tax rises and spending cuts (Image: SKY NEWS )Ms Kuenssberg retorted: ‘But, Rachel Reeves, you are trying to have it both ways aren’t you?’You accept, as the Conservatives do, that you would have to get a grip on public spending. You accept that you would have to put taxes up and yet you also are saying that the way the Conservatives are doing it is wrong.’You are trying to have it both ways and actually, on the left of your party and some economists would dispute your view that you have to have your set of fiscal rules.’In other words, some economists and some on the left would say it doesn’t matter that much if we keep borrowing that money for longer, you could pay the debt down over a much longer period.’Read more: ‘Secure future requires some tough decisions’ Rachel Reeves said a Labour government would make the tax system ‘fairer’ (Image: BBC) Labour has suggested those with the ‘broadest shoulders’ should bear the tax burdern (Image: GETTY)Ms Kuenssberg asserted the Labour Party would ‘not have to’ take the approach the Shadow Chancellor had suggested.Ms Reeves said: ‘I recognise that there are restraints on what governments can do. A lot of these problems are because of mistakes that the government have made but I recognise that this imposes restraints on an incoming Labour government. ‘It is why it is so important that we have a serious plan for growing our economy and improving the living standards of ordinary people. That will give us the money to invest in public services. ‘Just because you have to make difficult decisions, it doesn’t mean that you have to make the same decisions.’The Shadow Chancellor argued that a Labour government would make the tax system ‘fairer’ which would generate money for ‘essential public services’.Don’t miss: Act now or half of high street shops will shut, says Mary Portas [COMMENT]Finance expert gives key tip for Brits as UK heads towards recession [REVEAL]Italy and Germany prepare for economic problems says Hunt [REPORT] The Chancellor will announce the autumn budget on November 17 (Image: GETTY)The news comes as Chancellor Jeremy Hunt revealed: ‘We are all going to be paying a bit more in tax, I’m afraid.’The Chancellor will announce the autumn budget on November 17, which he confirmed will include ‘some tax rises’ and cuts to public spending.The Labour Party has repeatedly referred to the responsibility of ‘those with the broadest shoulders’ to bear the greatest tax burden, although the party has not confirmed an income threshold for this tax increase.Ms Reeves declined to confirm if Labour would increase income tax rates if they entered government, however, she personally attested that she had ‘no plans’ to increase the tax burden on working people.Read next: BoE warns surge in early retirement means more rate rises aheadThe UK’s last recession and why the next one ‘will be the worst’ Nearly half of Brits shopping more sustainably due to cost of livingCost of living crisis on ‘front of mind’ in John Lewis Christmas ad’Sunak needs one false move before igniting voters’ hostility’