The Budget will backfire: Two ex-chancellors slam Labour’s plans

On Friday’s episode of The Daily T, Camilla Tominey and Tim Stanley are joined by Sir Jeremy Hunt and Lord Lamont of Lerwick to discuss John Healey’s upcoming Budget.

The two former chancellors of the exchequer examine why Labour’s likely approach of raising taxes on banks and businesses could stifle economic growth, and why reducing the national debt is so important.

Sir Jeremy is critical of Labour’s public spending and argues that reform is urgently needed. “I think we should have a new rule, a fiscal rule, that outside emergencies governments will never increase public spending by faster than the growth rate of the economy,” he says.

The two former chancellors also answer a question Tim was desperate to ask: did they drink alcohol while delivering their Budget speeches at the despatch box?

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Producer: David Levene

Senior Producer: Emma Williams

Studio Operator: Meghan Searle

Video & Social Producer: Nada Aggour

Executive Producer: Charlotte Seligman

Editor: Camilla Tominey

Highlights:

• Jeremy Hunt suggest there should be new rules about increasing public spending by more than the growth rate of the economy
• The two former chancellors warn John Healey about increasing taxes on banks and businesses