Former prime minister Boris Johnson used a Daily Mail column on Friday to deliver a broadside against the Labour government, calling it a "nightmare" and accusing Prime Minister Keir Starmer and Chancellor Rachel Reeves of economic mismanagement that he said was driving up borrowing costs.
Johnson wrote that "millions of good, decent, reasonable people" were losing patience with the administration and described the prime minister as a "blinking human bollard" who was unable to act. He argued that recent events and policy choices had left markets with "no confidence" in Britain’s economic strategy and warned of further pain for households and businesses.
In the column, Johnson singled out Rachel Reeves, the chancellor, for particular criticism. He accused her of presiding over tax increases that, he said, had stifled growth and left the government vulnerable to what he called a "Doom Loop" of falling investment, sluggish growth and shrinking tax receipts. Johnson wrote that the cost of servicing the government's debt had climbed to "£111 billion per year" and described gilt yields rising to levels he characterised as a 30-year high.
Johnson framed his attack against the backdrop of several controversies he cited involving other public figures and cast them as symptomatic of broader governmental paralysis. He also argued that Labour's early decisions in office — including higher public spending and concessions to unions — had undermined confidence and would force further fiscal tightening at future budgets.
The column mixed political commentary with economic claims. Johnson asserted that last year's budget measures, which he said raised National Insurance Contributions to 15 percent and introduced other charges on inheritance and property, had hit business and growth. He predicted uncertainty ahead of the chancellor's next budget and speculated on whether further measures could include changes to pensions, property taxation or income tax.
Johnson also touched on public services and social spending, saying the growth of welfare and mental health expenditure had alarmed markets. He suggested that technological developments such as artificial intelligence could be used to rein in public-sector costs, and criticised what he described as a reluctance by the prime minister to advocate for difficult decisions that would involve cutting public-sector jobs.
Labour took office in mid-2024. Johnson's polemic reflects a continued effort by the former Conservative leader to define the opposition to the governing party's policies and to frame the economic debate ahead of future fiscal events. The Daily Mail column did not include responses from Downing Street or the Treasury; a government spokesperson was not quoted in the piece.
Independent economic commentators and market analysts assess fiscal credibility, public spending plans and growth prospects when pricing sovereign debt. Financial markets have historically responded to shifts in perceived fiscal discipline and political certainty, and debates over the drivers of gilt yields and borrowing costs have continued to animate British political discussion since 2024.
Johnson's remarks revive long-standing tensions between former Conservative leaders and the current Labour administration over economic strategy, public spending and the UK's international financial standing. They also underscore the political salience of fiscal policy as the government prepares for future budgets and as parties seek to persuade voters of their competence on the economy.