They added: “People will see it as a political failure in the short term. But in the long term, it may set us up for year five when we can say ‘it’s all been worth it’.”
There are also questions about the broader purpose of Reeves’ chancellorship, after all but junking a “securonomics” economic platform cultivated for nearly two years in opposition.
This was centered around a Joe Biden-inspired package of heavy state spending on green infrastructure to build the industries of the future and ensure Britain is not over-reliant on China for critical technology.
However, the backlash against the Democrats at the 2024 presidential election, combined with tight domestic fiscal conditions, means that Reeves doesn’t talk about securonomics anymore.
Now the government is left with individual economic policies — like infrastructure investment, pensions reform and environmental deregulation— but no coherent narrative to thread it all together, critics charge.
A second Labour strategist, close to No. 10 Downing Street, said: “Bidenomics showed that this model of economic policy can create lots of jobs and economic growth, but clearly people in the U.S. … didn’t feel it.”
