Hi John,

What does inheritance mean to you? For Rachel Reeves, it means the worst receipt of any Chancellor in modern British history. The only heirlooms this government received after 14 years of Conservative chaos are the highest tax burden since the 1940s, decimated public services, sluggish growth, and public debt at an all-time high.

This isn't normal. In 1997, Labour inherited a good economy, but bad public services. In 2010, the Conservatives inherited a bad economy (due to the 2008 financial crisis), but public services had been restored. In 2024, after more than a decade of austerity, pandemic mismanagement, that infamous mini-Budget, and, as the Chancellor herself mentioned <[link removed]>, Brexit, we have the worst of both worlds.?

Rachel Reeves laid out her plans today to start our country back on the road to growth, including:

- An increase in annual borrowing of ?32 billion for investment
- ?22.6 billion increase in day to day spending in the NHS over this year and next
- Boost to the minimum wage for millions of workers
- Increase in capital gains tax, air passenger duty for private jets, and non-dom status scrapped
- 19% real-terms spending increase for education to fix school buildings and provide free breakfast clubs

The OBR predicts <[link removed]> better GDP growth than expected for 2024 and 2025, but a drop from the previous forecast from 2026 onwards. Longer-term growth will be held back until we fix the problems Britain faces after Brexit. To date, Brexit has:

- Shrunk the UK economy by ?140 billion <[link removed].>
- Reduced imports and exports by 15% <[link removed]>
- Decreased productivity <[link removed]>
- Is predicted to cost 3 million jobs <[link removed]> by 2035

We've pulled the full list of costs together in one handy reference page for you to read and share.

<[link removed]>Find out the total cost of Brexit <[link removed]>Our roadmap to fix the Brexit deal <[link removed]> includes easy and popular ways to unlock nationwide growth, such as aligning UK regulations <[link removed]> with those of our largest market; giving performing artists <[link removed]> the visas they need to work in the EU; and negotiating a reciprocal UK-EU youth mobility scheme <[link removed]>. Rachel Reeves' inheritance leaves her with few levers to pull to achieve the growth our country so desperately needs. But we can trade our way to prosperity.?

Future generations deserve a decent inheritance. Improving the Brexit deal is one lever that must not be ignored.?

Best wishes



Naomi Smith
CEO
Best for Britain





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