It's Only What We All Knew Already!

Humiliation for Rachel Reeves as she’s told she’s blown a £57bn hole in the UK economy

The Chancellor can't be "let off the hook" after undermining confidence in UK Plc, an analyst suggests.

By Jon King, News Reporter

09:07, Thu, May 8, 2025 | UPDATED: 09:15, Thu, May 8, 2025

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Rachel Reeves has been told she’s blown a £57bn black hole in the UK economy (Image: Getty)

Rachel Reeves' impact on the UK economy threatens to blow a £57billion hole in Britain's public finances, a thinktank has warned. The National Institute of Economic and Social Research (NIESR) said the Chancellor's plans have undermined business confidence and growth much more than US President Donald Trump's tariffs.

Rachel Reeves’ ‘short-sighted gamble’ is ‘serious threat’ to UK pensions Adam Toms The potential change has been described as "dangerous and misguided' by an expert.

Rachel Reeves told she’s blown a £57bn hole in the economy Jon King The Chancellor can't be "let off the hook" after undermining confidence in UK Plc, an analyst suggests.

According to NIESR, the impact of Mr Trump's trade war is expected to reduce Britain's economic growth by 0.1 percentage points. But it said the harm caused by the Labour Government's tax hikes and uncertainty were causing more damage. Benjamin Caswell, an economist at NIESR, said: "Tariffs have engendered a lot of uncertainty, but I don’t think that should take the Government off the hook. Express.