🚨 The City doesn't have faith in John Healey. Investors are voting with their wallets because Labour refuse to rule out another tax raid or get a grip on debt. Another deeply concerning vote of no confidence in Labour's Britain.

I will be a tax-cutting Conservative Chancellor to get Britain growing again. 🇬🇧🚀

Gordon Brown emails John Healey in block capitals at night! Dread to think what he's telling him... What would your all caps email to Labour’s Chancellor say?

John Healey is continuity Rachel Reeves. He has failed to rule out more taxes, offered no pause to Labour's red tape, or plans to get energy bills down. Only the Conservatives have the team and the plan to get our economy growing and bring down the cost of living for families.

As the City Minister who came up with the original package of Mansion House reforms, I’ve thought and worked more deeply on this issue than anyone. My view? 1. The basic problem is too much ‘institutionalisation’ of pensions. Except for wealthy SIPP holders, individuals have no agency and no means to act on their home market preference. (When asked, UK pension savers think they have vastly more exposure to U.K. stocks than is the case). The answer is not more complicated tax rules and regulations - or letting a socialist Chancellor invest your pension for you - it’s giving individuals more control. 2. ‘Culture beats strategy’. Few are brave enough to say it but left-leaning U.K. rules and practice on remuneration, ESG and diversity are a huge issue in choosing where to list. You can change the rule book for listings all you like (and we broadly did!) but unless this changes, it is all in vain. Epic self harm. 3. ‘Tone at the top’ from individual regulators matters. Both Labour and Conservative ministers do get the problem and want to fix this. They are incentivised (and elected!) to get the U.K. to grow. But ivory tower financial regulators spending their time jetting off to regulatory mutual admiration fests need to get with the programme. It’s a scandal and the damage they have done to the City has been tolerated for far too long. 4. When the government puts up tax on alcohol or tobacco it’s because they want less of it. Why does anyone think the same logic doesn’t apply to stamp duty on UK share trading? Especially, when competitors don’t levy same. 5. Growth rate is everything. Although the U.K. market has the virtue of being the world’s most international, it’s hard to outrun your own economy. When everything is too slow, too regulated, too expensive (yes, that’s looking at you energy prices!) it’s hard to get markets vibe-ing. We need to fall back in love with risk. Please share, like or comment. This really matters.

Labour plans to expand the already bloated and costly public sector payroll by the largest amount in the history of the Civil Service. Cost up, productivity down. You’ll be paying for it. All to please their union donor mates.