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  "path": "/opinion/rachel-reeves-labour-u-turn-tom-harwood",
  "publishedAt": "2026-03-24T22:49:50.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Moroccan asylum seeker who killed pensioner charged with attempted murder and assault behind bars",
    "Ipswich Town release statement after Nigel Farage pictured at Portman Road with shirt",
    "Rachel Reeves hints energy bill relief may come amid spiralling costs — but millions will miss out",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nRachel Reeves today took to the dispatch box of the House of Commons to tell the nation that Liz Truss’s energy support package was a scandal: “unfunded” and “untargeted”; a subsidy that sprayed money at the comfortable as well as the struggling.\n\nThe new line from Labour is that grown-ups do not do such things. Under Rachel Reeves, the Treasury is serious now. The age of the frivolous blanket subsidy of her predecessors is over.\n\n###\n\n\n\n\nToday we learned that Reeves believed the universal Energy Price Guarantee was more than a scandal of spending.\n\nShe said that with this package of household support, “the previous government pushed up borrowing, interest rates, inflation, and mortgage costs\".\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nYes, that’s the interest rate spike, gilt yields spike, and associated Liability Driven Investments crisis that has become colloquially known as the Truss crash.\n\nAnd she’s right.\n\nAt the time it was projected that the Energy Price Guarantee could cost up to £200bn.\n\nThis was by far the greatest element of Truss’s fiscal loosening, with energy spending projections eclipsing the measly £45bn in tax cuts that Labour politicians have hitherto blamed for the economic woes of the country in October 2022.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nIndeed, around £40bn of that £45bn was pre-announced during the leadership contest and therefore was baked into a Truss premiership.\n\nHer two biggest campaign promises were of course cancelling the incoming corporation tax rise (£18.7bn) and undoing the recent national insurance tax rise (£18.1bn). The more unexpected tax cuts such as abolition of the 45p rate, VAT-free shopping, business investment allowances, and IR35 reforms totalled £8.2bn.\n\nSo, we’re all in agreement. Splurging billions on heating the swimming pools of millionaires turned out to be terrible policy. And it led to a crisis.\n\nThere’s just one problem for Rachel Reeves. It was her policy.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Moroccan asylum seeker who killed pensioner charged with attempted murder and assault behind bars\n  * Ipswich Town release statement after Nigel Farage pictured at Portman Road with shirt\n  * Rachel Reeves hints energy bill relief may come amid spiralling costs — but millions will miss out\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nLong through the summer of 2022, the Labour Party demanded a universal energy price guarantee, one of precisely the same design as ended up implemented by Liz Truss — with all the disastrous consequences that followed.\n\nReeves herself demanded on 26th August 2022 that the Tories “freeze gas and electricity bills so that nobody pays a penny more during the autumn and winter”, saying that with her as Chancellor, “no one would pay a penny more for their gas and electricity this autumn and winter”.\n\nOn 15th August 2022 she announced it as “a big offer, a massive commitment that Labour is making today… to freeze bills for all households for six months”.\n\nDoes this count as Labour’s 20th U-turn? Undeniably.\n\n###\n\n\n\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Rachel Reeves has, undeniably, made another Labour U-turn - Tom Harwood"
}