Since Labour's election victory on July 5, 2024, their economic policies have quickly backfired, causing significant concern among businesses and consumers.

Starmer and Reeves initially claimed to have identified a £22 billion deficit in the UK's accounts, which later ballooned to £40 billion, negatively impacting economic confidence.

Labour's economic policies have created chaos in a short period, and if a recession occurs next year, the leadership cannot blame the previous Conservative government.

In September 2024, the economy actually contracted by 0.1%, raising concerns about a potential technical recession in 2025 if negative growth continues.

The UK's GDP growth was only 0.1% from July 1 to September 30, 2024, a stark decline from 0.7% in the previous quarter, making the UK the second worst performer in the G7.

The threat of tax hikes and spending cuts in the Autumn Budget on October 30 led to widespread panic, resulting in businesses halting investments and consumers cutting spending.

Reeves implemented a £40 billion tax increase, including a £25 billion hike on employers' National Insurance, prompting major businesses to warn of inevitable job losses.

Deutsche Bank estimates that 100,000 jobs could be lost due to the National Insurance hike, despite Reeves' previous promises not to raise taxes on working people.

The cost-of-living crisis is expected to worsen, aggravated by rising energy prices and tax implications for farmers that may threaten food production.

Inflation rose to 2.3% in October 2024, its highest in six months, with projections from the Bank of England indicating it could reach 2.5% by year-end and approach 3% after tax increases in April 2025.

Liz Truss was perceived as a worse leader but only lasted 49 days, while Labour's leadership under Keir Starmer and Rachel Reeves is expected to continue until at least 2029.