Labour and Nigel Farage are as dangerous as each other for the future safety of the British economy, Mel Stride has warned. The Shadow Chancellor said their reckless policies will do untold damage for many years ahead.
His blistering attack comes as the economy continues to underperform and millions of households are facing the daunting prospect of more punishing tax rises when Rachel Reeves delivers her Budget next month. In an exclusive interview with the Daily Express, Sir Mel insisted that only the Conservatives can be fully trusted to look after the country’s purse strings.
And in a reassuring move for many of our readers he reconfirmed that the party “remains committed” to the pensions Triple Lock.
Speaking on the eve of the Conservative Party annual conference, which kicks off in Manchester tomorrow, the veteran Tory took aim at both the Chancellor and Reform UK.
“I think they’re both dangerous. The Labour Party brought us into this mess, and I don’t think they know the way out.
“Then you have Nigel Farage and Reform who are fantasy economists who will promise all sorts of things without any clear plans on how we’re going to deliver on that.
“And the reason I think that’s dangerous is it leads you into a lot of unfunded commitments.
“We’ve seen where that can lead in the past. If they were in No 10 and No 11 now and doing the things they say they do the wheels would come off the economy very quickly. And I think we’d all suffer a great deal.”
Swiping at Reform’s plan to increase the income tax personal allowance to £20,000 a year, Sir Mel said it would cost the country “£80billion” and the financial markets would “take fright”.
“They have no real plan to fund it,” he added.
But a Reform UK spokesman hit back: “It’s beyond belief that the Tories even dare to lecture on the economy.
“They more than doubled the national debt in 14 years and raised taxes to the highest level since World War Two.
“Minor party Mel and his colleagues failed Britain. They will never be trusted ever again.”
Sir Mel teased that his big conference speech on Monday will deliver a strong message that the Conservatives are the only party that will be “responsible” with the economy.
“The country has been living beyond its means. We are the party that will get it to live within its means,” he said.
“What we’ve got to do is be the grown ups in the room.”
Asked whether the party can be regarded as grown ups following Liz Truss’s Budget nightmare three years ago, he said candidly: “I think regaining trust is an ongoing process. I think we have made progress as a party on the specific point about the mini budget. “Mistakes, serious mistakes, were made, but we will never, ever, ever do that again.”
“And what I will be setting out on Monday in my speech is a very, very clear, significant down payment on the statement that we are the party of fiscal responsibility.”
Sir Mel, who set up two successful businesses from scratch before entering parliament, will focus heavily on business “let down by this government” in his address to delegates.
“We’ve got to put business right at the heart of our plans for the future,” he said.
The MP for Central Devon also reiterated recent remarks by Tory leader Kemi Badenoch to this newspaper that the party stands by the pensions Triple Lock.
Labour have said they will keep it while Reform has been non-committal so far.
Sir Mel said: “We are and remain committed to the triple lock.”
Pressed on whether that commitment would remain until or beyond the next general election he was less clear cut.
“That’s where we are. So we are sticking with the Iock.”
Turning his sights on the upcoming Budget on November 26, Sir Mel said the dashboard is flashing with warning lights with the grim prospect of more tax rises.
The Office for Budget Responsibility (OBR) has reportedly downgraded its economic forecasts by around £15 to £20 billion, plunging the Chancellor even deeper in the red.
Sir Mel said the Chancellor could be left with a “very, very big black hole” to fill.
“It will be difficult for Rachel Reeves not to raise one of the three heavy lifting taxes that she’s ruled out in their manifesto they said they wouldn’t raise.
“All of this is of her own making”
With economists forecasting anaemic economic growth for the UK combined with rising inflation, unemployment and borrowing, Sir Mel warns the outlook for 2026 is bleak unless the government changes course.
“I’m worried about all of those things. I’m worried about it ending up putting us in a position where the markets really take fright.
“And I think that is the really dangerous and most worrying moment if that were to happen,
and that’s why they’ve got to try and get a grip. But it seems to me that they’re running a lot of options because of the choices they make.”
A Treasury source said: “We aren’t going to give a running commentary on the OBR’s forecasts. There is a lot of rubbish out there from people who claim to know what is in the Budget before decisions have been made. The Chancellor will make those decisions—no one else.
“For years we have been saying that stagnant productivity has been holding working people back and that there is too much wasteful spending in government—with asylum spending at the top of the list. We are getting on with tackling that.”