Despite being called continuity Hunt, the shadow chancellor has set out a proposal for meaningful change
Chancellor Jeremy Hunt likes to tell business leaders not to worry about political instability and more policy upset. He claims to be carefully building policy that will survive – win or lose the next election. If the shadow chancellor, Rachel Reeves, succeeds him, accepting nearly all his proposals, be reassured, he says, there will be continuity rather than change. In the run-up to her important Mais lecture last week, the pre-briefings seemed to warrant his judgment.
She would reaffirm her iron attachment to fiscal rules and budgetary discipline, we were told. After all, she had beaten a wholesale retreat from Labour’s cornerstone £28bn green spending commitment. In successive fiscal “events”, she has accepted all the proposed tax cuts, not even reinstating the cap on bank bonuses. There was chatter describing her as “continuity Hunt”. Even Margaret Thatcher, we read, would be invoked as a change agent she admired. Unite sharpened its claws, writing off the lecture even as Reeves spoke as “for the birds”. Only a “sustained rise in public investment in infrastructure”, declared general secretary Sharon Graham, “can turn the tide on decline”. Two days later, columnist Owen Jones resigned from the Labour party, citing the refusal to challenge catastrophic Tory policies in “a race to the bottom”.
