In this opinion piece, Shadow Chancellor Andrew Griffith argues that new Chancellor John Healey will worsen Britain's public finances if he opts to raise taxes further in his upcoming Budget rather than reforming welfare and reducing state spending. Griffith contends that Healey, having sat in the Cabinet under Rachel Reeves, has already signalled he will pursue a "continuity" approach, and warns that further tax rises on businesses and workers would follow a pattern he says has already damaged growth through higher employer National Insurance, business rates and energy costs.

Griffith, who became Shadow Chancellor a week before writing the piece, criticises Labour for prioritising welfare spending over defence funding, noting rising disability benefit claims and citing tensions over the Falklands with Argentina as reasons defence should take precedence. He references work done with shadow defence secretary James Cartlidge and shadow work and pensions secretary Helen Whately, presented alongside Conservative leader Kemi Badenoch, aimed at funding defence to 3% of GDP through welfare reform, while also proposing cuts to stamp duty and business rates for firms such as pubs.