Money, money, money! A big week for geeky politicos and ABBA fans (bonus points if you identify as both). With the Spring Budget taking centre stage this week, we’ll be exploring how MPs fared in this week's WTWN.
Top: Eleanor Laing MP
Apparently, money is VERY funny in a rich man’s world (last ABBA reference I promise) but not in Eleanor Laing’s.
Chairing the Chancellor’s budget announcement on Wednesday with the waning authority of a supply teacher, the Deputy Speaker of the House made a great show of attempting to control the House during the raucous proceedings. However, try as she might, she was never going to be able to subdue the Labour benches, whose jeers would have put the average year 7 class to shame.
Until now, Labour has been quietly confident about the upcoming election, and they have been at pains to demonstrate they won’t take a win for granted. But, as we’re getting closer to the election date, they are going to find it harder to stifle the raucous energy that comes with being an opposition party for 14 years and on the edge of victory. Labour’s strategy of being cautious but confident has been a winner so far, and they need to be careful to not fall at the last hurdle.
Mid: Jeremy Hunt MP
The chills-inducing, pound-crashing Autumn Budget of 2022 feels like it only happened a few weeks ago, and every fiscal event since has drawn a sharp intake of breath from economists and worried families alike. So, Hunt managed to continue with his steady-as-he-goes approach to running the Treasury.
Hunt may have hoped that his flagship announcements, particularly the 2% cut to National Insurance, would have been met with applause. But for those who don’t have their heads in budgets all day, a “2% cut” doesn’t feel like a huge win for personal finances. If politics has taught us anything over the last few years, it’s that elections are won on feelings. And the public is feeling tired.
This wasn’t the Conservatives’ last opportunity to sway floating voters – expect another fiscal event later in the year - but time is not on their side if they want to avoid a historic defeat come the general election. Maybe Marathon Man Jeremy just loves running away from his problems?
Not: Rachel Reeves MP
If imitation is the highest form of flattery, then Shadow Chancellor Rachel Reeves must be feeling pretty smug after Hunt’s flagrant plagiarism of Labour pledges on extending the windfall tax for oil and gas companies, and abolishing tax exemptions for non-doms.
However, for a party criticised of not having many policy commitments, being forced to now rewrite some of the few policy commitments you do have whilst your competitor gets the limelight is quite annoying.
In interviews since, Reeves has announced that Labour plans to fund their proposals by…drumroll please…”finding savings to future government spending”. This won’t be the most reassuring message from Labour as the public are calling out for investment in public services, and finding savings this way doesn’t feel like a winning strategy.
This is a serious strategic threat to the Opposition as the Conservatives want to fight a traditional election with the threat of a tax-and-spend Labour government. Labour needs to find a new revenue raiser fast to demonstrate they are still fiscally responsible, but it also can't be a tax raid on working families or that will put them where they don't want to be. Tricky.