Last general election: Starmer gives a blunt answer on potentially rejoining the EU – after police dropped investigation into his deputy

Earlier, shadow chancellor Rachel Reeves sought to become the first woman chancellor of the UK, stating that Rishi Sunak was “singing from the same songbook” as his predecessor Liz Truss.

For the record, Ms Truss’s short tenure in No 10 involved a disastrous mini-budget that wreaked havoc on the economy.

In response to Ms Reeves’ speech and the news that 120 business leaders have backed Labor, our business presenter Ian King he said the city was starting to pay attention to “a few things.”

No tax increases and no summer fiscal events

He explains: “One was Rachel Reeves’ commitment that there would be no additional taxes beyond those she had already identified – for example, taxing private capital more aggressively or imposing VAT on private school fees.

“The second was the fact that during the question and answer session she ruled out an emergency fiscal event this summer.

“She said at least 10 weeks must pass between the end of the general election and a specific fiscal event for the Office of Budget Responsibility to properly evaluate any spending and tax decisions.”

This is interesting for several reasons, says Ian.

“First of all, it rather suggests that the increase in private school fees – i.e. VAT on tuition fees – will not be implemented immediately,” he says.

– Probably mid-September at the earliest.

“The second issue is that what she really bought into was a promise not to impose additional taxes beyond what she has already presented.

“Because virtually every economist… has concluded that whoever wins the general election will either have to raise taxes or cut public spending.

“There is no room to maintain spending at current levels without raising taxes.”