By GB News (World News) | Created at 2026-10-01 21:45:52 | Updated at 2026-10-02 07:40:38
10 hours ago
Has this Government really got a grip on the country's finances?
Long term Government borrowing costs topped six per cent today, their highest level since 1998.
It caused havoc on the markets. The FTSE 100 fell by two per cent, its worst performance since May.
And we are just weeks away from Chancellor John Healey's first Budget, and he's got hardly any wriggle room to play with, and he's got some massive, expensive promises to pay for.
Now, in his speech at the Labour Party conference this week, Andy Burnham betrayed pensioners and ditched the triple lock for his social care plan.
But sadly, that pledge is already unravelling because it's now emerged that his big, bold National Care Service, which I actually think is a fairly good idea, will only cover personal care costs and not residential care cost, which those ones tend to be the expensive bit when you have to sell your house.
And lo and behold, some economists are already warning that ditching the triple lock won't be enough to pay for his new social care service. So it looks like tax rises will be needed.
And that's not the only one of the Prime Minister's pledges falling to bits. VAT disappearing off your electricity bills will make very little difference.
Nana Akua says the Government is 'spending like there is no tomorrow'
GB NEWS
Because today's energy bills also rose by four per cent, and they're predicted to rise by a further 16 in January, meaning that the average household's energy bill could rise by £276.
So that totally wipes out the £45 saving that Burnham is giving us all. Well, at least I've got my head around the figures. But that's more than can be said for the Financial Secretary to the Treasury, James Murray.
He's one of the men who's in charge of the nation's purse strings, and he's not the only cabinet minister struggling with the numbers.
Defence Secretary Wes Streeting had all the key details for his space squadron, the UK's first military unit dedicated to space. But his memory seemed to desert him when asked about probably the most crucial bit, the cost.
I mean, seriously, it's painful to watch, but don't worry. Calm down, everyone. All is well because Chief Secretary to the Treasury Emma Reynolds has got it all under control.
They haven't got a clue, have they? This Government is spending like there is no tomorrow.
They're loading up the nation's credit card and dishing out the cash. But they don't seem to have the foggiest about how much it's going to cost us, or how are they going to pay for it.
And it'll all end in tears for everyone else. That's you and I, this next budget will be painful for.
