00:00No one knows better than accountants that you cannot spend what you do not have.
00:05And that is why I am here today.
00:08We are living beyond our means.
00:11We are spending more than we earn.
00:13On welfare, on union pay rises, and increasingly on debt interest.
00:19Alongside record levels of taxation, this government is borrowing more and more money,
00:26and our national credit card is close to maxed out.
00:28The markets are starting to worry.
00:32But rather than focus on these serious economic challenges facing our country,
00:36Labour are too busy blaming the last government for problems of their own making.
00:41They are finding governing harder than they thought.
00:44I could have told them that.
00:46Just last week, Keir Starmer launched Phase 2.
00:48Phase 2 didn't even last three days.
00:51Deputy Prime Minister is gone after trying to avoid the very same taxes that the Chancellor wants to put up.
00:57So they've just had a huge reshuffle.
01:00It's a huge reshuffle.
01:01But it is born not of strength, but a political crisis.
01:04And the person who has caused the most grief to our country, the Chancellor, is still in post.
01:10She has already put up taxes by about £40 billion.
01:13That's the biggest tax rate this country has ever seen.
01:16And in the next five years, she will double the deficit.
01:21So this combination of record taxes and borrowing can only mean one thing.
01:26That she has lost control of spending completely.
01:28And investors can see it.
01:30She will be lying there.
01:43She will say,
01:44Yes, yes.
01:47She will say,
01:50That she has all in the case.
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