Boris Johnson: Rachel is fired from the accounts. Now it's time to go to HR to collect your P45s, or stay in China, where they are almost as common…

There is only one product that really matters to the UK economy. It is a resource on which the entire country depends: each of us.

It is more important to our national prosperity than every ounce of gold in the Bank of England or all the oil and gas in the North Sea.

As soon as this substance is exhausted, all families in the country face real economic difficulties. This precious substance is trust.

I am referring to confidence in the British government, confidence in our economic policy; And above all, trust the person who is responsible for the country's finances: the Minister of Finance.

A simple reason why global investors are turning away from Britain and demanding ever higher interest rates as the price for financing our debt.

There is a fundamental explanation for the weakness of the pound, why markets are forcing the Labor government to pay more to service our debt, and why bond yields are at their highest since the crisis of 2008.

I'm afraid the atmosphere will be the same in Frankfurt, Tokyo and New York. Global bond markets are losing confidence in Rachel Reeves and her economic policies. They are losing confidence because it is now clear that neither he nor Keir Sturmer have a clear growth plan.

Labor has done everything in its power to boost business confidence since coming to power last July. When they took office, they inherited the most dynamic economies in the G7. Reeves and Starmer set out to demoralize and sometimes demonize wealth creators in the UK and abroad.

Rachel Reeves met with Chinese Finance Minister Lan Foan in Beijing today.

Rachel Reeves found herself in a nightmare situation, with her October budget so disastrously miscalculated that it derailed her own growth plans and reduced her own income, writes Boris Johnson.

Far from defending Britain and its potential, the new government talked about the country and its finances. Far from boosting or freeing up British businesses, they immediately announced a massive program of additional non-wage spending, new laws allowing people to work from home and plans to prevent bosses from contacting their employees outside office hours .

They have done nothing to take advantage of the freedoms of Brexit; On the contrary, they appear set to drag the UK back into the sclerotic EU single market, leaving us as a slave state, without the power to pass laws from Brussels.

Global financial markets have lost confidence in Reeves because they see Alya Starmer governing more like Jeremy Corbyn than Tony Blair, constantly trying to appease his union paymasters and constantly fighting the left.

This bond market specialist can read the information; They see what is happening in Britain. This did not go unnoticed when the Labor government awarded inflationary wages to trainee drivers and doctors. The world has seen and observed that there is no need to improve public sector productivity.

When Reeves and Starmer decided to abandon government reform, thereby canceling our plans to cut 66,000 jobs in Whitehall, global money markets gritted their teeth. To maintain your credibility in the market, you must demonstrate that you are prepared to pursue reforms, combat government waste, and control spending.

Reeves suggests otherwise. He has challenged the market's belief that he is a true left-wing class fighter.

Judging by his social media posts, Reeves welcomes the destruction of fee-paying schools. One by one, these independent schools are closing, cruelly penalized by a 20 percent labor tax on education, on top of VAT added to tuition fees.

Britain now constitutes an extreme case: no other country in Europe taxes schools in this way. Seeing these old schools collapse makes you cry, frankly. How does it help? Where are the tax revenues from the vandalized school? How can we help taxpayers if these children must now be educated by the state?

This policy does nothing other than equalize Pol Pot's style and satisfy the discontent of Reeves and Starmer (and let's never forget that the fact that he actually received a paid education funded by scholarships) is a measure of the supreme hypocrisy of the Prime Minister.

Markets around the world lost confidence in Reeves when they began to believe that he was actually an old-fashioned socialist who advocated taxes and spending, and they were right.

After all, they lost trust for the same reason some of us lose trust in others. He lied. And they could see that I lied.

L and Starmer went into last year's general election saying they would not tax workers, and millions of British businesses felt deeply reassured.

They then broke that promise in the October budget, imposing a $25 billion increase in Social Security on businesses – a tax on the pay of every private sector worker in Britain.

British businesses had already lowered their heads. They endured months of frustration and negativity from Reeves; But the budget created a classic socialist doom cycle. By closing businesses, higher taxes stifle investment and halt job creation. And by stopping economic activity, they had to reduce tax revenues.

This is why we find ourselves in this grim situation at the start of 2025, with all indicators flashing red.

Jobs are disappearing, business confidence is collapsing and, as in other countries, we cannot wait now for the obvious remedy of a first cut in domestic interest rates, because inflation is already too persistent ; Of course, Reeves' own policies encouraged excessive payroll taxes and wage deals in the public sector.

Rachel Reeves finds herself in a nightmare situation, with her October budget miscalculated so disastrously that it derailed her own growth plans and reduced her own income.

The result is that he will almost certainly have to go back on his word, because he will either have to cut spending and anger his own MPs, or he will have to come home with the March budget and raise taxes. Again, both options are bad; These two phenomena would further slow down economic activity, not to mention tax revenues; And the death spiral disappears.

It's Reeves, and only Reeves, who makes these jokes. He is the one who has lost the confidence of the market, and that is something no chancellor can afford to lose.

I have made many financial mistakes. He has no plans for growth. He clearly does not understand that the prosperity of a nation depends on a happy and confident private sector. He told the audience about his plans to raise taxes and his own resume. He had growled.

It's time for Rachel from accounting to go to HR and collect her P45. Or maybe he just lives in China, where they're almost as communist as he is.

I think Starmer can do it again. He has an absurd parliamentary majority. But he had to start again with a new finance minister.