UK politics - live: Reform level with Labour in new poll as Treasury responds to gloomy economy update
New poll by FindOutNowUK marks a fresh political blow for Sir Keir Starmer who has overseen a rocky start to his leadership of the country
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Your support makes all the difference.Sir Keir Starmer has been dealt a further blow with a new poll predicting Labour would lose its overall majority if an election was held now.
The poll by FindOutNowUK has put Reform level pegging with Labour on 25 per cent and the Tories five points behind on 20 per cent. According to the calculations, if the result was repeated in a general election Labour would lose 173 seats but remain the largest party on 238.
Reform would leap into second place from the five MPs to 170, taking deputy prime minister Angela Rayner and shadow foreign secretary Priti Patel’s seats. The Tories would be left with just 89 seats and a viable government could only be formed with a deal between Labour and the Lib Dems on 70 seats and SNP on 42.
The poll, which comes after a survey by think tank More in Common that also found Labour would lose its majority, marks a fresh political blow for Sir Keir who has overseen a rocky start to his leadership of the country.
There are also fears over the economy with the pound plunging to its lowest level for over a year after a rout in the bond markets. And with government borrowing costs also increasing, Treasury minister Darren Jones has warned that “public services will have to live within their means”.
Mel Stride asks ‘Where is the Chancellor?’ as he delivers urgent question on the economy
Shadow chancellor Mel Stride said Treasury minister Darren Jones had delivered a “slightly anxious and breathless” response to the urgent question, adding: “Where is the Chancellor? It is a bitter regret that at this difficult time with these serious issues she herself is nowhere to be seen.
“In the last 48 hours borrowing costs have reached a 27-year high and it is the Chancellor’s decisions that have led us here. Before the election (Rachel Reeves) promised that Labour would get debt falling, they would not fiddle the figures, they would not raise taxes and they would grow the economy, but the economy is now flatlining.
“Survey after survey is showing business confidence has simply evaporated and at the budget the Chancellor hiked up taxes, increased borrowing by an average of £32 billion-a-year across the forecast and conveniently adjusted her fiscal rules to allow her to do it.
“Higher debt and lower growth are understandably now causing real concerns among the public, amongst businesses and in the markets. And despite what (Mr Jones) says about international factors, the premium on our borrowing costs compared to German bonds recently hit its highest level since 1990.
“With these rising costs, regrettably the Government may now be on course to breach their fiscal rules and the Chancellor has committed to no further tax rises, so does (Mr Jones) stand by her commitment not to increase taxes even further and, if so, does this mean that the public should expect cuts to public service spending if the OBR judge her fiscal headroom has evaporated?”
What rising government debt costs mean for you: Mortgages, employment and the economy
Read the full report from my colleague Howard Mustoe:
What rising government debt costs mean for you: Mortgages, employment and the economy
High government borrowing costs come amid fears that inflation is creeping up again, which could lead the Bank of England to keep rates on hold
Treasury minister: ‘Government does not comment on specific financial market movements'
Treasury minister Darren Jones, responding to an urgent question on borrowing costs from shadow chancellor Mel Stride, told the Commons: “Financial markets are always evolving as the shadow chancellor knows so it is a long-standing convention that the Government does not comment on specific financial market movements and I will not be breaking that convention today.
“Financial market movements, including changes in Government bond or gilt yields, which represent the Government’s borrowing costs, are determined by a wide range of international and domestic factors.
“It is normal for the price and yields of gilts to vary when there are wider movements in global financial markets, including in response to economic data.
“In recent months, movement in financial markets has been largely driven by data and global geopolitical events, which is to be expected, as markets adjust to new information.”
Conservative MPs had shouted “where is she” in reference to Chancellor Rachel Reeves as the urgent question was directed at her, but Mr Jones was sent by the Government to respond.
Markets functioning in ‘orderly way’, Treasury minister insists
Darren Jones, Chief Secretary to the Treasury, has said the situation in financial markets is “always evolving” as he addressed an urgent question by Mel Stride on the turmoil in financial markets.
Mr Jones said the surge in bond yields had been “largely driven by data and geopolitical events”.
He insisted the gilts market “continues to function in an orderly way” and that there remained “strong demand” for UK debt.
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Coming up in Parliament today:
House of Commons
- 0930 Transport questions
- 1030 An urgent question to Rachel Reeves on the public finances: borrowing costs
- 1115 Business questions to Commons Leader Lucy Powell
- 1215 A general debate on tackling violence against women and girls
- An adjournment debate on the provision of debt advice services
Westminster Hall
- 1330 Impact of conflict on women and girls
House of Lords
- 1100 Oral questions
- 1145 A debate on the Science and Technology Committee report titled “Long-duration energy storage: get on with it”
- A debate on requirements for civil servants to work in government offices following a vote for possible strike action over compulsory office attendance at the Land Registry
- A debate on the International Relations and Defence Committee report titled “Our friends in the North: UK strategy towards the Arctic”
Lammy ignores calls from Trump ally for return of British Isis members
Shamima Begum will not be returning to the UK, David Lammy said following calls from Donald Trump’s incoming counter-terrorism chief for the repatriation of British members of so-called Islamic State being held in Syrian prison camps.
Sebastian Gorka said any nation which wishes to be seen as a “serious ally” of the US should commit to the international fight against the extremist group by taking back citizens currently languishing in Syria.
But the Foreign Secretary told ITV’s Good Morning Britain the Government would “always put British security interests first and the safeguarding of our population”.
He said: “Shamima Begum will not be coming back to the UK. It’s gone right through the courts. She’s not a UK national.
“We will not be bringing her back to the UK. We’re really clear about that.
“We will act in our security interests. And many of those in those camps are dangerous, are radicals.”
Some of them, if they were to return to the UK “would have to be, frankly, jailed as soon as they arrived”.
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