This may be uncomfortable to watch - for all the wrong reasons

Rachel Reeves to address the nation this morning about the economy and her budget

Montage © Facts4EU.Org 2025

A Facts4EU precursor to the Chancellor's statement

This morning we will enjoy a rare event. The Chancellor of the Exchequer, Rachel Reeves, will give a press conference, live. This was announced only yesterday, as we were working on the second in our series of ‘GB News Pre-Budget Specials’ to be published on Thursday.

We describe this as ‘a rare event’ for two reasons. Firstly because we are only three weeks away from Ms Reeves’ Budget Statement in the House of Commons on Wednesday 26 November. She will be unable to say anything which pre-empts her announcements on that day and it is unusual for a Chancellor to make any official statement ahead of this.

The second reason this is ‘a rare event’ is - and without wishing to be unkind – that Ms Reeves never seems comfortable making speeches live. To say she is not a natural public performer would be to understate the case. This presents something of a difficulty, because the markets will be watching every word, facial expression, and nuance and will replay her press conference many times, seeking clues as to her intentions.

A Chancellor should look and sound confident, even when she is not

As part of our research for the ‘GB News Pre-Budget Specials’ we came across a video of Ms Reeves, released by HM Treasury last month but not promoted. Lasting only 52 seconds, Rachel Reeves is sitting at her desk, clutching a coffee mug, talking to the British people.

Despite lasting only 52 seconds, this video had to be cut into six sections to produce the complete, short speech to camera. To give one example, even her second sentence had to be filmed in two attempts. If readers watch carefully, in the first part of the sentence she is clutching her coffee mug but in the second part she is not. Yet this is all one sentence.

“We led the G7 in terms of growth in the first half of this year –“ [CUT!] “- and the IMF who is er the world’s most foremost.. economic forecaster…”

NEWS: The @IMFNews has upgraded our growth forecast for the 2nd time in a row.

This is just the start.

For too many, our economy still feels stuck.

That is why we are tackling the challenges head-on, supporting jobs, investing in skills, and keeping inflation down. pic.twitter.com/MW5wWqPAFz
— HM Treasury (@hmtreasury) October 14, 2025

Buried by the Treasury

Normally HM Treasury would have posted this video on its YouTube channel, where readers will find a variety of videos of Ms Reeves. This video is what is commonly known as ‘a short’ and it would have been published in the ‘shorts’ section. Unsurprisingly perhaps, it is not there.

We assume the Permanent Secretary must have seen it and issued an instruction that it be buried. Brexit Facts4EU is pleased to be able to correct this decision, as we feel the public has a right to see it.

Today’s press conference

Last week, according to the mainstream media some highly attentive photographers managed to snatch photos of some notes Ms Reeves had been making for her statement this morning. If these are still current, then the Chancellors is expected to start with:

“Later this month, I will deliver my second Budget as Chancellor. At that Budget, I will make the choices necessary to deliver strong foundations for our economy – for this year, and years to come.
“It will be a budget led by this Government’s values, of fairness and opportunity and focused squarely on the priorities of the British people: Protecting our NHS, reducing our national debt and improving the cost of living.
“You will all have heard a lot of speculation about the choices I will make. I understand that – these are important choices that will shape our economy for years to come. But it is important that people understand the circumstances we are facing, the principles guiding my choices – and why I believe they will be the right choices for the country.”

This has been interpreted as a sign that she will be softening up the country for rises in income tax – breaking her Party’s Manifesto quite emphatically. Alternatively this could still be a smokescreen, so that if she does not raise income tax then the rest of her tax rises will seem like a relief.

Rachel's not the only one with a 'black hole' in her accounts...
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Brexit Britain : A confident, assured, successful, independent country?

It is important for us all that our Chancellor presents an assured and confident manner. In the global marketplace of the financial centres around the world, this is vital. Unfortunately, we have very recently seen the Chancellor on the world stage twice – at the IMF annual meeting in Washington DC and soon after at the IIF conference in Riyadh, Saudi Arabia. These appearances did not inspire confidence.

At each event she was clearly keen to blame Brexit for the challenges she faces, and she knew this would be lapped up. Her audiences were, after all, part of the international ‘blob’ who all supported Remain.

She left both international audiences with the impression that the UK’s GDP had fallen by 4% as a result of the British people voting to leave the EU. As readers know from the first in our ‘GB News Pre-Budget Specials’, real GDP (excluding inflation) has actually risen by 12%, beating the EU’s top 3 economies: Germany, France and Italy. For those readers who missed it, please click on the chart below to read it in full.

Brexit Britain's economic growth - The uncomfortable truth for the Chancellor

© Brexit Facts4EU.Org 2025 - click to read the report
[Source(s) : Office for National Statistics | EU Commission (Eurostat), accessed Oct 2025]

This, one would have thought, would be something to trumpet proudly. Sadly, Ms Reeves’ own anti-Brexit proclivities were in full view and her negative statements cannot exactly have left her global audiences with an upbeat assessment of the UK’s prospects.

Here is just one small example from Riyadh.

Riyadh, Saudi Arabia

Questioner: “How big a disaster is Brexit in your mind?”
Rachel Reeves: “Well the office for Budget Responsibility who does the independent forecasts say that it's at 4% of the size of our economy. But we're undoing that damage.”

To remind all readers, our figures are the official figures from the Office of National Statistics, or from the EU Commission's Eurostat in respect of EU figures. Rachel Reeves could have chosen to use them. She chose instead to quote the OBR. Our figures are not ‘forecasts’, ‘estimates’, or outright guesswork.

They are the facts. We are, after all, Brexit Facts4EU.

Observations

To those who feel we have been needlessly cruel to Ms Reeves in this report we would say this. The position of Chancellor of the Exchequer is the second-most important after the Prime Minister. Someone who cannot present with confidence and assurance should not even have taken the job – nor indeed should they have been offered the job in the first place.

We await this morning’s event with considerable interest. It will most probably impact on the second of our Pre-Budget Specials we are preparing for GB News for Thursday. Part I caused an enormous stir. We do not expect the reaction to Part II to be any different. You do NOT want to miss it!

Please, please help us to carry on our vital work in defence of independence, sovereignty, democracy and freedom by donating today. Thank you.

[ Sources: HM Treasury | news reports ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Tues 04 Nov 2025

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Reader Comments 11

1. Mr Sceptic , Tuesday, November 04, 2025, 08:10:

Reform UK Brexiteers yesterday claimed that Tory Brexiteers have squandered Brexit. And Reform UK Brexiteers say we need to make life easier for the wealthy so they’ll sprinkle their prosperity down on the rest of us like economic fairy dust. And we need more austerity for the hard working people before any significant tax cuts can be offered in the future … to make Brexit work.

2. Gazzablack , Tuesday, November 04, 2025, 09:22:

1, septic
.
Laffer curve cupcake.

3. NH , Tuesday, November 04, 2025, 11:46:

1. Sceptic
As usual you are keen to show how ignorant you are.
.
The truly "wealthy" are not and will not be paying Labour's new tax. Many of the wealthiest people in the world are making vast profits out of the UK without paying a single penny in tax. Others are paying very small rates of tax on their full UK income and Rachel has no plans to tackle this injustice. Much of this is made possible by your beloved European Union.
.
The EU is the largest corporate tax avoidance location in the world by far. If you are a very wealthy company and you don't like paying taxes the EU is the place for you. In addition 16 nations in the EU offer "preferential income tax regimes" to allow high income foreign individuals to avoid paying much tax. All of this is made possible by EU rules on free movement.
.
Rachel will be targeting the easy targets as usual. Small business owners, entrepreneurs, small corporate partnerships, high income professionals, asset owners, investors, NHS surgeons and senior consultants. These are the people Reform want to give incentives to. This will result in more high earners that actually pay the full rate of tax in the UK.

4. Mr Sceptic , Tuesday, November 04, 2025, 12:02:

The working class people in Britain need to vote Reform UK … so Reform UK can give incentives to the high income professionals, asset owners, investors, NHS surgeons and senior consultants.

5. NH , Tuesday, November 04, 2025, 12:32:

4. Sceptic
More people from working class backgrounds need to become high income professionals. Many already have and more incentives will encourage more to do the same. There is nothing new about Labour's tax and spend policies. As previously, in the long term, it will be the working class that are the victims of these idealistic policies.

6. KB , Tuesday, November 04, 2025, 13:23:

A minister from this government cannot step out the country without handing out our money to foreigners.
Coming soon, COP30, where we will be pretty much the last developed country sending our leader(s).
Both Starmer and Charlie are attending, and no doubt they will be dishing out money around the world and making further economy-wrecking commitments.

7. Sparky , Tuesday, November 04, 2025, 13:33:

We had years of austerity which has not worked, we need to boost investment and with it productivity. Even Reform are now finding that significant savings are not achievable and are changing strategy (again). To some extent Brexit was a reaction against austerity measures but has done nothing to resolve them.
.
Brexit has only made it more difficult for investment and growth to be achieved. GDP is around 12% over 10 years since ref: but this is too low, especially when inflation has been 39% over the same period compared to inflation in the 20s % for the countries shown above. GDP has only grown because of the strong UK services industry combined with an increase in demand for services across the world. Leaving the EU has held back growth in services to the EU. Good exports are significantly lower since Brexit.
.
The Uk is the only country in the G7 not to have an exit tax. Some painful changes need to be made on welfare. It's time to review of the Triple Lock.

8. KB , Tuesday, November 04, 2025, 14:35:

Sparky (9) the GDP growth of 12% is corrected for inflation, so your 39% inflation is not relevant. The GDP figures for the other countries are corrected for their own inflation rates too, so it is on a fair comparison basis.
We have had no austerity. We've had years of handing out money with no control, which is still continuing.

9. KB , Tuesday, November 04, 2025, 15:03:

Correction it should've been Sparky (7) not (9) !
On the triple lock Sparky, the UK has probably the least generous state pension in the EU.
Take France for example, where every employee is on what is basically a final-salary pension where you can get 75% of your final salary. They retire earlier and live longer than us too. It is similar in Spain an Italy also.
If the UK triple lock is "unsustainable" as they say, then that goes so much more for EU countries. If we were still in the EU, it wouldn't be long before we were bailing out the French and other pension schemes.

10. NH , Tuesday, November 04, 2025, 18:10:

7. Sparky
You make some strange comments.
In 2010 the Government inherited a 10% deficit from the last Labour Government. This was £150 Billion in 2010 equal to £233 Billion today. Your suggesting this should have been added to UK debt each year. Then we had the pandemic which added more to UK debt. You plan would have increased UK debt to approx. 250% of GDP. We would have been bankrupt before we achieved that level of debt.
.
Brexit did create economic growth faster than other major EU countries (as shown above), it did increase investment in the UK (as previously shown) and the UK is not the only country in the G7 that does not have an exit tax.
.
The big increase in world service trade since Brexit has been for travel services. This declined slightly in the UK because of tax changes. Your attempts to simplify world service exports into a single sentence and then claim a conclusion are ridiculous.

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