Nick Tyrone Nick Tyrone

‘Rishinomics’ could cost the Tories the next election

A truism is emerging that the Tories’ massive public spending has left Labour politically with nowhere to go. This quasi-social-democrat version of conservatism supposedly leaves all of the opposition’s attacks on the Tories blunted – if there’s a Conservative government spending big, what does Labour have to offer?

There is another way of looking at this, however. The current Chancellor’s spending plans could result in a perfect storm for Labour at the next election – a chance for Starmer to attack the Tories from both the left and the right. From the left, Labour can claim that they will spend money in a more ‘caring and thoughtful’ manner, something their audience is already geared to believe. From the soft right, Starmer’s pitch can be that he will be more efficient with the public’s money, meaning less borrowing and/or taxation in the long run. If Labour can get this bang on, they’ll win the next election.

There is evidence this is already happening. Bridget Phillipson, the shadow Chief Secretary to the Treasury, took an interesting angle in her response to Rishi Sunak’s mini-budget. She wrote to HMRC’s Chief Executive, Jim Harra, asking him to make public any cost-benefit analysis of the Job Retention Bonus. ‘Every penny given to those who don’t need it, when whole sectors of our economy are in trouble, is money not available to support jobs at risk, money not helping the families and firms in desperate need,’ Phillipson said in her letter. This demonstrates where Labour’s attack lines on the economy could lie in the post-Corbyn era – and even more importantly, why they might be successful.

Let’s imagine the perfect way, from a Labour perspective, this could unfold over the next 12 to 24 months.

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Nick Tyrone
Written by
Nick Tyrone
Nick Tyrone is a former director of CentreForum, described as 'the closest thing the Liberal Democrats have had to a think tank'. He is author of several books including 'Politics is Murder'

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