The Chancellor underwhelmed as he stumbled through a tedious and uninformative speech. There was no attempt to tell us when defence spending will reach the target he wanted when Defence Secretary and no comment even on how to pay for the increase he inherits from Rachel Reeves. He tells us about a £4.7 bn new black hole where the revenue to pay the extra defence bills should be. There was a complete absence of ideas to cut or control spending. Tax rises were not ruled out. More spending and more borrowing look inevitable.
He says he will back innovation and growth, but fails to say how beyond a £150 m fund for smaller businesses in the North. This tiny sum is just 0.005% of the economy! He promises a 25 % cut in business regulations without any clue of which he will cut. It is a ludicrous over claim, probably copied from the laughable EU pledge to cut its rules by 25%. Instead this government is likely to sign a humiliating EU Re set deal signing UK businesses in a number of important sectors to a wide range of additional EU rules. This is fatuous as the 8% of UK businesses that do export to the EU already conform with their regs to sell into their market. The other 92% do not export so should not be lumbered with these needless extra costs.
He said he would deliver the findings of the Fingleton Review and “ extend those to other sectors, including launch of a review of the costs review of rail infrastructure”. Whatever does that nonsense mean?
September 8, 2026
You seem to have hit on what is wrong with the British economy when you assert only 8% of UK businesses export to the EU. As Europe is our nearest market it seems that we have plenty of room to grow.
Reply We have a low percentage thanks to many years in the EU. They worked hard to design laws and taxes which bashed our businesses and fuelled French and German exports to us. The most absurd view of pro EU people is the idea that exports to the EU is the main way to growth when our goods exports to the EU are a small part of our economy because EU customers do not want to buy more of our goods.
September 8, 2026
The problem with the Uk economy is that it is too expensive to compete with many other Countries in the World.
We appear to be a bit better when just providing financial services or consultancy.
September 8, 2026
To expensive and over taxes and over regulated too.
“Humbug Healey is just Reeves 2.0” Jacob Rees-Mogg’s video yesterday.
September 8, 2026
you cannot manufacture anything, unless its very specialist and premium value, with electricity prices the most expensive in the world
September 8, 2026
@Berkshire Allan – ‘financial services or consultancy’ the 2 things that are easily replaced by AI, and the UK can’t afford AI the energy it needs is too expensive
September 9, 2026
Ian
Agreed the future looks grim
September 8, 2026
The speech was indeed boring. It just emphasises that the government has no idea. We are heading for turbulent waters. It was ironic that JLR announced the loss of 4000 jobs brought about largely because of this and previous governments net zero obsession.
Next Nissan and Stellantis will be laying off. I’ve just bought a new Hybrid and the deal was unbelievable. People are obviously voting with their feet.
The only growth is immigration which is bankrupting the country.
Still no explanation how tents, clothing, lighting generators and riot police happened to be on hand for the so called rescue from 80 miles out. Plus the fleet of busses magically appearing.
There’s lots of questions need answering.
September 8, 2026
Without tariffs to protect our industry against cheaper EU imports (cheaper due to energy costs, property and wages) we will not only fail to increase sales to the EU but invite more cheap goods in to the country to compete with home grown.
Tomatoes, strawberries, apples – in agriculture.
We have little manufacturing.
There is no level playing field and the many unnecessary EU regulations make it even more expensive to operate.
September 8, 2026
@Stephen Sharp – the EU is a protected State, they deter trade. That was the same while we were in the block as it is now. More trade would with the EU would be at the expense of being part of the World Market, we would have to cancel trade with other nations. Its like when we first entered the EU we had to cancel historical trade arrangement with the likes of Australia, New Zealand etc and hand over the Countries Sovereignty to unaccountable unelected bureaucrats. The UK lost more than it ever gained and was never an equal. We are still stuck with the disgusting Brino deal in that the UK had to agree with a non-compete clause
September 8, 2026
he is not running the treasury, clearly others are
worse we have 5000 a year claiming asylum from India, many more from Pakistan, at this point it’s a joke world ruling class who have no concept of the division and anger they are stoking. they clearly have not war gamed this very well, as there are no successful possible outcomes.
September 8, 2026
A Chancellor asleep on the job replacing one who set about destroying the economy.
September 8, 2026
@iain gill – the name you are looking for is ‘Torsten Henricson Bell’. His writings, his lectures and his left wing think all preach that the minions work for the State, all earnings and possessions belong to the State. He was the driver behind Rachael Reeves, and now he directs the new so-called Chancellor. They do what the are told
September 9, 2026
certainly that is how it appears
September 8, 2026
Afraid we have had poor Chancellors for decades, few have much/any experience of such a position of big finance, and most do not have a clue about human nature/behaviour.
All they want to do is take, take, take from the productive or prudent members of our society, and give it to many of the feckless and work shy, that or to fund big vanity projects.
thus we now have the growing “no point in bothering attitude” as those with drive and ambition see themselves being constantly legally robbed with ever more taxation and regulation.
September 8, 2026
The treasury should be merged with the Dept for Trade and Business as they seem to work against each other.
September 8, 2026
Berkshire Alan -…”and most do not have a clue about human nature/behaviour” ….. yep.
Tax affects our behaviour.
I have read that Chris Rokos is to leave the UK.
https://www.theguardian.com/news/2026/sep/08/billionaire-chris-rokos-tax-quit-uk
Apparently Mr Rokos paid £330m in tax last year, which I read is equivalent to 52,000 “normal” taxpayers each with income of £35,000 pa ?
etc ed re Laffer curve You would have thought that our Governments would have learned the lesson by now 🙂
September 8, 2026
He’s moving to a country which is allowing him to pay less tax than consultants working in your local hospital.
Do you think that NHS consultants should pay more in tax (in simple cash) than a multi-billionaire?
September 9, 2026
Do consultants put the whole of their wealth at risk every day, like people who invest in businesses do with absolutely no guarantee of success !
September 8, 2026
@Oldwulf – Laffer is in the country at the moment, he is willing to have a conversation with the powers that be – but the pursuit of Marxist ideology means they are not listening
September 8, 2026
The new Chancellor will be cheered at August’s figures for new car registrations. The official figures from the Society of Motor Manufacturers and Traders (SMMT) show that the UK new car market grew by 13.7% in August 2026, reaching 94,236 total registrations. This marks the ninth consecutive month of market growth and represents the strongest August performance since the biannual number plate change system was introduced in 2001
Electrified powertrains drove the market expansion, with petrol dropping to an all-time low monthly share. Private registrations saw the strongest jump, surging 19.0% to hit 38,448 units, taking a 40.8% market share. Fleet registrations remained the largest market sector, rising 10.1% to achieve a 57.2% market share.
Petrol: 36,048 units
Battery Electric Vehicle (BEV): 28,063 units
Plug-in Hybrid Electric Vehicle (PHEV): 13,707 units
Hybrid Electric Vehicle (HEV): 11,940 units
Diesel: 4,478 units
The combined electrified market share reached 57.0% of all sales for the month. Most of these vehicles were imported, as after Sunak tinkered with the timetable for the introduction of EV’s to the British market; (this change was opposed by the SMMT) Nissan then stopped production of their popular Leaf EV in the N East, BMW moved production of their electric Mini to Germany. Honda shut their Swindon plant completely, Stellantis stopped developing their electric van at Ellesmere Port and Aston Martin gave up on EV’s altogether. This deluded political decision cost us factory closures and the loss of thousands of well paid manufacturing jobs in a crucial high-tech industry.
Reply Nonsense that delaying the end of petrol and diesel cars caused harm. The harm leading to factory closures comes from the EU/UK net zero policies, designed to force people to buy cheaper Chinese battery cars. China now has 4 of the top 10 selling cars thanks to this self harm.
September 8, 2026
Yes more of our hard earn money for car purchase going abroad as the Uk cannot compete with the rest of the World, and especially China due to high production costs in the UK, mainly caused by high energy costs and excessive regulation and taxation.
I see VW in Germany have also just announced 100,000 job losses will take place over the next few years because they are also finding it impossible to compete as well, so not all is great in the EU either.
September 8, 2026
@JR – Reply
So it’s all net zero’s fault. Really?
September 8, 2026
Yes!
September 8, 2026
UK has 42m registered cars. These numbers show a reluctance to replace what we have. New EVs are not at all attractive to most car owners.
September 8, 2026
As Jaguar is now learning ….the hard way
September 8, 2026
Well “Fully electric cars make up only about 6.2% to 6.3% of all cars on UK roads” they also tend to be lower mileage city cars. About half their electricity comes from fossil fuels and when manufacture of car and battery is taken into account they save no CO2 should that concern you. Not non plug in hybrids are 100% fossil fuelled cars.
So why are we rigging the market to force EVs onto people? Using vast tax and subsidy market rigging and the rigging the markets.
September 8, 2026
@SK – get real, if those people with money can get those that cant afford a new car to pay even more tax to give them a new subsidised car, that is nothing to be celebrated. All you can identify is more of the UK Taxpayers money is being forced to leave the Country, and the UK Parliament gets to punish the taxpayer. Celebrating the UK Citizen paying more ‘Tax’ that is sent abroad never to return is bizarre
September 8, 2026
Electric car are not at all zero emissions they are mainly emissions (usually more emissions but largely elsewhere cars). Their tyre particulate emissions are also higher (as heavier cars) and these are not even emissions else where.
Why does the ASA allow them to advertise they are “zero emissions” yet the ASA claim they keep adverts “honest” hardly. We even had government claims/adverts saying that the Covid “Vaccines” were safe and effective when they were neither.
Note
September 8, 2026
More howls of protest from the right-wing media at the mere suggestion that the pensions triple lock should be retained.
It is noticeable that the concerted summer attack on ensuring that our seniors are protected from current high inflation (caused by the obscene price of fossil fuel energy) is coming from rich commentators, ex fund managers, politicians jumping on the bandwagon and folk who will not have to rely on it in retirement
Pensioners make up a very large demographic in this country. Many of them would change their political allegiance away from any party that scrapped the triple lock – and thus impoverished them.
Reply I made a speech supporting the triple lock.
September 8, 2026
@JR – Reply
Yes, I read it with interest as it was very good. Many seniors have paid into the system for 40 years and now, in retirement they deserve break
September 8, 2026
SG: ….”high inflation caused by the obscene price of fossil fuel energy…”
This is the chart which shows that for electricity generation the weighted average CfD price is £152.23/MWhr whilst for gas (the market reference price) it is £85.10:
https://www.cfd-hub.com/
The LCCC (Low Carbon Contracts Company) website shows the amount of subsidy we are paying for the electricity from our Chinese supplied renewables:
https://www.lowcarboncontracts.uk/resources/scheme-dashboards/cfd-historical-data-dashboard/
September 8, 2026
A dire speech indeed a sensible pro-growth policy and confidence is need and he delivered even more of the complete reverse.
September 8, 2026
A song came into my head as he was bumbling through his first major speech as Chancellor.
“I got plenty of nothing, and nothings plenty for me”
What was the point of his speech?
My conclusion was he is preparing for a snap election so has absolutely nothing to say beyond that upcoming announcement.
September 8, 2026
Wait until they make us a pariah in the world. No idea about the repercussions of sanctions on Israel. Clearly aiming to alienate the US and other allies. Meanwhile import migrants from their “mates” across the channel who take the mickey with our money. Meanwhile the third largest taxpayer decamps to Greece. This slope is about to get more slippery.
September 8, 2026
Its funny, when you spend, spend, spend suddenly black-holes appear and it some one else’s fault.
Why or one of the many reasons I am disillusioned with this UK Parliament, is not a one of the 650 people empowered and paid by us seems to care where the money is to be ‘earned’ from to pay for all their ‘personal’ aspirations
The only prolific theory that all in this UK Parliament is that money comes from tax, so more convoluted, and contrived ways to tax the nation is the only answer. Yet their own history, their own experiences demonstrate that tax is money being ‘removed’ from the ‘economy’ killing the economy. The UK Parliament is hastening the death spiral of the Country and its People – they all need to go.
September 8, 2026
Just checked on the 10 year gilt yield tracker over yesterday.
Nope, no sudden drop due to the chancellor’s speech.
Enjoyed your contribution on GBNews last night. Labour stooge still insisting our economic problems are due to Liz Truss. Does she really think anyone other than Labour acolytes will be impressed by her evasion?
September 8, 2026
I was dismayed at the new Chancellor’s speech yesterday as we learnt nothing new. This was a shallow vacuous performance. The speech would not have reassured financial markets indeed the opposite is the case. Most worrying is the intention of closer alignment with the EU’s draconian trading structure. Where is this governments mandate for this? We have left the EU and thank goodness we have. There’s next to no growth in the EU, in fact many EU countries wish to leave.i believe it’s a failed project.
As to SG’s ‘advert’ for EV’s I would point out every EV has carbon embedded in their manufacturing process mainly from mining and processing lithium ion batteries. They are not and never will be zero emission.
September 8, 2026
More Labour Chancellors losses – Britain’s third-biggest taxpayer last year, having paid £330m in 2025, equivalent to the amount paid by 21,000 British households. He also made a record-breaking £190m donation to the University of Cambridge earlier this year.
Kicked out of the Country by this UK Parliament and its Government that could only attract support from 1 in 5 of the electorate. Bitter and twisted political ideology is all that matters
Achievers would never support this Socialist Parliament, so this Parliament would appear to have an agenda to force them out so as to retain power and win election
September 8, 2026
This Parliament their chosen Government is gambling heavily with its tax base? A dedicated purge on wealth is at a tipping point and turning sinister, all that counts is the Marxist dogma. The need to kill of, remove the non-believers is paramount
September 8, 2026
Healey should have stayed in as Defence Secretary – at least he would have been a constant reminder to the new PM that something better had to happen. Or did he resign just to support Burnham and obtain a better position?
And we thought the last Chancellor was the pits – Where do they find ministers that so quickly get out of their depth? Where is the fresh thinking?
Now might be a good time to bring in the private sector to introduce a touch of innovation while the civil servants that should be supporting Healey should be removed and placed on the dole queue.
September 8, 2026
Although the government’s transcript of the Chancellor’s speech says “it is exactly as delivered”, there are two political redactions, which are in fact the real reason for this speech because it contained nothing of significance. The Chancellor was again able to declare that “…Liz Truss’s mini budget crashed the economy and collapsed confidence in Britain’s fiscal strength. So since 2022 we have been paying this Truss penalty as we battle to re-establish belief in Britain and the UK’s fiscal sustainability…..” This is despite the situation being now worse than under Liz Truss’s premiership. It is clear that the Conservative Party MPs have done incalculable damage to the reputation of the Conservative Party and the country by not supporting Liz Truss and instead using the opportunity to install their preferred candidate for PM.
September 8, 2026
The Chancellor gave us a clue as to his quality when, as defence minister, he told the Russians that we knew what they were doing when their boats and submarines were snooping around our undersea cables and gas supply pipes. Everyone including the Russians knew that they were finding the exact position so that they could do a similar job to the one done on their one in the Baltic. We know that we have no defence and they know that they could leave the UK without sufficient electricity and gas any time they decided to. They will not be at all worried whether Mr Healy knows this or not.
September 8, 2026
The Chancellor in his speech said:
“Our country was deindustrialised, as the cost to make anything, to build anything here soared, and our dependence on unreliable sources grew including in areas critical to our national security and sovereignty.”
This is of course as a direct result of making it law in June 2019 that we must net zero our CO2 emissions by 2050. So how secure is our electricity in Labour’s Net Zero Clean Power 2030 project? Looking at Table 2 in NESO’s plan we see that the estimated 60GW of peak power will be provided by: 1) 152GW of renewables and batteries supplied by China, a state described by our security services as “hostile”, who BTW use coal-fired power, slave labour and ignore all the environmental damage caused by mining, manufacturing tailing lakes and illegal logging in the Amazon for the balsa wood for wind turbine blades. The battery capacity can only cope with 2 hours of peak demand and climate activists appear to believe that renewables never break down or require maintenance, 2) 12.5GW of unreliable interconnectors, 3) 11.7 GW of rolling blackouts euphemistically called “Demand Side Response” and 4) 35GW of unabated gas from ageing plants that are in desperate need of replacement. The only possible reliable power is nuclear (3.5GW) and burning wood/biomass (4 GW). The LDES (Long Duration Energy Storage, 7.9GW) and Hydrogen (0.3 GW) simply do not exist.
September 8, 2026
On the subject of excessive government spending and growing civil service, there are now civil servants in the Ministry of Transport and the Highways Department who are busy putting signs up warning drivers and maintenance crews that large bridges over roads are ‘overhead structures’. Well I never.
September 8, 2026
Well, it seems we have a PM and Chancellor who are men of straw. Why did the Chancellor even bother to make the speech yesterday, as it was a damp squib?
What was needed was a powerful speech assuring the Gilts market that he would cut government spending and begin repaying some debt. That there would be no more borrowing, and that the Government and the UK had to start living within their means. That, of course, would have meant taking tough decisions!
Why, when appointed as Chancellor, did he only accept the job on the basis that defence spending would be raised to 3% immediately, and further if necessary? It seems we have another dim bulb in No 11.
September 8, 2026
I know a large hotel housing illegal immigrants has had a lot of fire engines and police cars there all day, it seems the residents keep setting the place on fire. Strange that this is not in the main stream media for some reason.
September 8, 2026
143 ….just 143 illegals yesterday 7th September 2026 ……(65 illegals on 7th September 2025 same day last year ..that’s not 40% down)
https://www.migranttracker.uk/
September 8, 2026
a response to SA(fools)G.Automotive industry.A major employer of skilled personnel.VAG just announced a
programme of 100000 redundancies.Renault(French Govt controlled)in deep financial trouble.Stellantis
struggling.ALL under the weight of net zero legislation and achievement programmes.Never mind overall
sales of target-meeting vehicles are being heavily discounted to get them off the production line and unclog
the end product sales.Burnham is running around like a headless chicken over JLR announcing a
4000 job loss.Given the overseas ownership of our automotive industry this is just the start of a rocky
horror show
September 8, 2026
I’m becoming ashamed to be British
September 8, 2026
sanctions against Israel means all exports to florida are now illegal, as they have anti sanctions laws. complete own goal by labour.
mandatory government registration of phones is obviously just to see who is saying anti immigration things on social media, they can get stuffed.
I hate our ruling class.
September 9, 2026
+1