Great to see Rachel Reeves strike a clear note on fiscal sustainability & reducing debt at #LabourConference2025. Sending the right signal ahead of the Budget is crucial — and markets look to have responded positively.

Support is growing for adressing the £22 billion annual taxpayer losses at the Bank of England. To do so, both BoE and HMT would need to act. On Thursday the Bank should stop active bond sales. And HMT should claw back interest rate losses via a targeted levy. www.telegraph.co.uk/gift/5259508...

Very pleased to see my analysis on UK productivity growth picked up by the FT this morning. Their piece highlights the uncertainty around the OBR’s productivity forecast — and how stark the fiscal implications could be at the Budget. A few of my reflections below 👇

1/Productivity really matters - strong growth allows us to produce more, collecting extra tax. Today's data still looks weak, seemingly vindicating calls for a costly OBR downgrade - but closer assessment reveals a strong argument for keeping steady.