When the Chancellor went to China to promote the UK and UK exports she associated herself with just £600 m of deals. That would have been a poor result for a junior trade Minister. It is under 0.03% of GDP.
As the Chancellor tells us an improved EU trade deal could boost growth, their main idea to promote UK dairy products with a revised SPS agreement is seeking to boost something that at best could add less than the China deals. It seems she has no idea of significant figures.
When it comes to spending she is good at underestimating the huge costs of the large public sector and the impact of inflation busting wage settlements without productivity growth. Her willingness to borrow £15 bn more than planned in her first year makes a nonsense of her lectures on prudence. It makes the mean cut in pensioner fuel payments more difficult to defend. The OBR were out by £15 bn within a month of their forecast. So why does the Chancellor trust them and believe their five year forecast. Last year’s deficit came in £65 bn higher than the OBR forecast of it a year ago!
A growth strategy will not be boosted by the kind of giveaway EU reset she has in mind, nor by giving away the Chagos with a dowry, nor by doubling down self harming net zero policies.