An economics crash course on the cards

OVER the weekend leading economists warned Rachel Reeves that her high-spending, high-taxing and high-borrowing — stewardship of the economy would plunge the UK into a Denis Healey-style 1970s economic crash.

- Esther McVey

What they didn’t say, so I will, is that Reeves-onomics — along with Keir Starmer’s least-ever business-minded Labour Cabinet — has created, in record time, a booming black economy here in the UK.

It seems that only Reeves and her delusional treasury advisers are oblivious to the monumental mistakes they are making. They’re under the misapprehension that they can keep raising taxes without consequences - and have another £50 billion in store for us in autumn.

Everyone else in the country knows the reality that if you push taxes too high some businesses go bust, others go abroad, and some move to the black market where they operate a cash-in-hand system to bypass handing over their hard-earned money to the Treasury. Whichever it is the Exchequer loses out.