Staged at the Lord Mayor’s official residence in the heart of the City of London in front of senior bankers and officials, it functions both as a state-of-the-nation economic address and a pointer as to where the Government wants to take its policy in future.
Last night Rachel Reeves was more forthcoming in her statement. There were lots of warm words and sentiment about deregulation and business being strangled by “red tape”, and plenty of that Thatcherite rhetoric we have all heard for many years.
It may seem strange that a Chancellor whose plans for spending restraint have effectively been shredded by left-wing MPs should be beating the Thatcherite drum on deregulation.
“Thank you, Lord Mayor; I fully intend to tax you and your fat cat buddies to the fullest extent.” She was never going to say that, was she?
They all know tax increases, potentially quite substantial ones, are on the way, and very likely at the autumn Budget. They would appreciate, nevertheless, the cloudy rhetoric which does not confront the facts squarely. Indeed, Reeves’s whole speech felt like a lesson in British understatement and politeness.
The communications people talk of “building bridges” to one’s audience. That was the one bit of media training I remember from being a junior minister.
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She spoke warmly about financial services being “critical in people’s everyday lives”.
The real competition, however, is global. New York, Hong Kong, even Shenzhen and Mumbai boast larger stock markets, by market capitalisation. That’s who London’s real competitors are.
Then, £40bn of extra taxes were announced, mainly levied on businesses. The bankers would all have been wondering, how much will business be asked to stump up this time?
I am also sure they would have been terrified of the cry of the Labour left, most notably the former Labour leader Neil Kinnock, for a wealth tax on any assets over £10m. That is a lot of money, but to the plutocrats dining with the Lord Mayor last night it would not sound like a lot.
And that, ultimately, will not have been assuaged by last night’s speech. Whatever else was said by Reeves – however much her speech tried to reach out to the City by appealing to its anti-regulatory instincts, however grand a bridge she attempted to build with plans to tear away red tape, however gushing the praise of London’s financiers – nothing can hide the central question of the much-predicted tax rises expected this November.
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