Andrew Griffith, the new shadow chancellor appointed by the Tories, delivered his first major speech urging Chancellor John Healey to rule out tax increases in the upcoming budget to prevent high-income taxpayers from leaving the country and small businesses from fearing economic instability. Griffith also announced plans for a report on reducing red tape for businesses, aiming to position the current Labour government as another "traditional tax and spend socialist" administration. Conservative MP Kemi Badenoch criticized the appointment of Paul Nowak, TUC general secretary, as a non-executive director at the Bank of England, an action that has occurred under various governments for decades.
Written by the local model on 2026-09-17,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Andrew Griffith, the UK's Shadow Chancellor, has urged John Healey, the current chancellor, to rule out tax increases in the upcoming Budget on October 28th. Official figures show that inflation rose to 3.1% last month, with economists expecting the Bank of England to maintain interest rates at 3.75%. Griffith warned that fears and actual hikes in taxes are causing significant taxpayers to leave the UK, potentially costing hundreds of millions in tax revenues. Critics such as former Bank of England deputy governor Charlie Bean suggest financial markets doubt the government's ability to make necessary fiscal decisions for sustainability. Former chief economist Andy Haldane added skepticism, referring to the Labour government as traditional "tax and spend" with better social media presence.
Written for “Budget Tax Debate” on 2026-09-17,
grounded in this article and the 2 other(s) covering the same event.
With less than six weeks so go until the budget, economics is rising up the agenda at Westminster.
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economics → go → Westminster
The Bank of England is announcing its latest interest rate decision later – Graeme Wearden will have all the details on his business live blog – and Andrew Griffith is giving his first major speech since being appointed as shadow chancellor just over two weeks ago.
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Griffith → announce → chancellor
Not surprisingly, Griffith is urging the chancellor, John Healey, to rule out tax rises in the budget.
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Griffith → urge → budget
He has been doing interviews this morning and he told BBC Breakfast:
The taxes or the fear of taxes … are driving really big taxpayers to leave our country for overseas, taking hundreds of millions of pounds of tax revenues that will pay for public services …
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that → do → services
The thing that they (the government) could do right now is take off the table the fears of ordinary small businesses, the self-employed, who are getting up now, going to work, and allow them to get on with their lives with confidence that the taxes are not going to go up.
uncertain
taxes → do → confidence
The speech will focus on small businesses, and Griffith will announce that he has appointed two advisers – the Tory peer and former MP Craig Mackinlay, a chartered accountant, and Robert Colvile, the outgoing head of the Centre for Policy Studies thinktank – to produce a report for him on cutting red tape for business.
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he → focus → business
The Tories are keen to present Burnham’s administration as what Andy Haldane would call just another “traditional tax and spend socialist government” and yesterday Kemi Badenoch leapt on what she thought was new evidence to confirm this theory.
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she → present → theory
She posted this on social media.
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She → post → media
Only one party has ever rescued the country from trade union control.
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party → rescue → control
We’re ready to do so again.
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We → ’re → ?
If you weren’t sure what kind of Labour government we have, or want to know what’s in store for you and your family finances, the news below is a big clue and it’s not good news 👇
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it → have → you
She was responding to a tweet from the Sun saying Paul Nowak has been made a director at the Bank of England.
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Nowak → respond → England
It was true; he has.
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he → have → ?
There are up to 14 directors on the Bank’s court of directors and Nowak, general secretary of the TUC, has been appointed as one of its non-executive directors.
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Nowak → be → directors
The court is not the body that sets interest rates; it just oversees the Bank’s administration.
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it → set → administration
Nowak is replacing Frances O’Grady, who was also TUC general secretary.
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who → replace → O’Grady
She was made a non-executive director at the Bank under a Tory government.
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She → make → government
In fact, this has been happening for decades.
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this → happen → decades
Rupert Harrison, who was chief of staff to George Osborne when he was chancellor, took to X yesterday to suggest to his Tory colleagues that they keep things in perspective.
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they → take → perspective
Got no take on this particular candidate but worth noting that it’s been a tradition to have a trade union representative on the Court of the Bank for decades.
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it → get → decades
Since the War I think.
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I → think → War
The Ministry of Housing, Communities and Local Government publishes figures on local government spending.
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Ministry → publish → spending
Andrew Griffith, the shadow chancellor, delivers his speech.
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Griffith → deliver → speech
The Bank of England announces its interest rate decision.
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Bank → announce → decision
I’m afraid we are no longer able to have comments open below the line every day on this blog.
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comments → ’m → blog
If you want to contact me, please email politics.live@theguardian.com.
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you → want → politics.live@theguardian.com
You can use this email to flag up corrections, comments for publication, questions or complaints.
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You → use → questions
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