The Fourcast Can Rachel Reeves grow the economy?
Sep 29, 2025
James Murray, the Chief Secretary to the Treasury and Labour minister, dives deep into the upcoming budget's challenges. He discusses global instability and the need for fiscal discipline amidst slow growth. Murray addresses the potential inevitability of tax rises and how Labour plans to stimulate economic growth through public investment and planning reforms. He also tackles immigration policies and the need for fair contributions while contrasting the conference's optimistic vibe with concerning public polls, emphasizing the importance of visible improvements.
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Global Instability Strengthens Fiscal Discipline
- James Murray argues global instability makes strict fiscal rules more important to reassure markets and lower borrowing costs.
- He links stable public finances to controlling inflation and protecting the UK's creditworthiness.
Investment Is The Growth Engine
- Murray says public investment announced in last year's budget is central to boosting growth via private sector follow-on investment.
- He cites planning reform and major US investment as catalysts for higher long-term growth.
Wait For OBR Forecasts Before Judging Budgets
- Murray warns against speculating about budgets and stresses decisions will follow OBR forecasts and Treasury analysis.
- He urges patience until the Chancellor announces measures and the OBR updates forecasts before judging fiscal headroom.