Former Member of Parliament Mark Jenkinson has said that Rachel Reeves’ Emergency Budget marks a grim moment for Penrith and Solway and the country —and a damning verdict on Labour’s handling of the economy. Just months after her first budget, the Chancellor has been forced to return to Parliament. The Emergency Budget is not a plan –it is an admission of failure, and a direct result of the economic chaos created in Downing Street. The independent Office for Budget Responsibility (OBR)has confirmed the consequences of Labour’s reckless choices. Under Rachel Reeves, the economic outlook has sharply deteriorated, leaving working people in Penrith and Solway to pay the price.
- Growth cut in half. Forecast GDP growth for 2025 has collapsed from two per cent to just one per cent, with the OBR citing structural weakness in the economy - much of it driven by poor productivity and falling business confidence.
- Inflation rising again. CPI inflation is now expected to rise to 3.2 per cent this year - more than double the forecast level when the Conservatives left office in 2024 and above the Bank of England's target.
- No growth in living standards. Real GDP per person remains below pre-pandemic levels, with households facing stagnant wages, rising prices and higher taxes.
Commenting, Former Conservative MP Mark Jenkinson said:
“Since the Chancellor’s first disastrous Budget, she has placed our country on a path of economic destruction by introducing a Jobs’ Tax, piling up borrowing and destroying growth.
“And the consequences of her choices are now clear – and it is the hard-working people of Penrith and Solway that will be left to pay the price.
“I will continue to do what is right by all in Penrith and Solway and fight these measures every step of the way.”
Commenting, Shadow Chancellor of the Exchequer Mel Stride said:
“Labour inherited the fastest-growing economy in the G7 — and in just months, they’ve brought it to a standstill. Growth halved, inflation rising, taxes at record highs, and unemployment on the up.
“The British people are working harder, paying more, and getting less. This isn’t stability — its economic chaos created by Keir Starmer and Rachel Reeves.
"Under new leadership, the Conservatives will hold this failing Labour Government to account and stand up for families across the country who are being punished by the Chancellor’s decisions.”
