https://www.youtube.com/watch?v=4s1CowAdBwQ

Godfrey Bloom explains. Mortgage rates could go on up not down.

Dire speech from Chancellor leaves economy adrift

By johnredwood on September 8, 2026

The Chancellor underwhelmed as he stumbled through a tedious and uninformative speech. There was no attempt to tell us when defence spending will reach the target he wanted when Defence Secretary and no comment even on how to pay for the increase he inherits from Rachel Reeves. He tells us about a £4.7 bn new black hole where the revenue to pay the extra defence bills should be. There was a complete absence of ideas to cut or control spending. Tax rises were not ruled out. More spending and more borrowing look inevitable.

He says he will back innovation and growth, but fails to say how beyond a £150 m fund for smaller businesses in the North. This tiny sum is just 0.005% of the economy! He promises a 25 % cut in business regulations without any clue of which he will cut. It is a ludicrous over claim, probably copied from the laughable EU pledge to cut its rules by 25%. Instead this government is likely to sign a humiliating EU Re set deal signing UK businesses in a number of important sectors to a wide range of additional EU rules. This is fatuous as the 8% of UK businesses that do export to the EU already conform with their regs to sell into their market. The other 92% do not export so should not be lumbered with these needless extra costs.

He said he would deliver the findings of the Fingleton Review and “ extend those to other sectors, including launch of a review of the costs review of rail infrastructure”. Whatever does that nonsense mean?