{
  "id": 5249826,
  "title": "Robert Jenrick: only Reform will cut spending and restore confidence in Britain",
  "url": "https://urgent.news/2026/09/03/robert-jenrick-only-reform-will-cut-spending-and-restore-confidence",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-03T04:47:00.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/robert-jenrick-only-reform-will-cut-spending-and-restore-confidence-in-britain/"
  },
  "original_language": "en",
  "account": "Robert Jenrick, Reform UK’s shadow chancellor, argues that markets cannot be persuaded to trust Britain by mere lectures. To regain confidence, a credible plan for spending cuts is necessary. Six weeks into his premiership, Prime Minister Andy Burnham's bold claim that he didn't want to be \"in hock to the bond market\" has lost its luster. As the bond markets speak, ten-year gilt yields have reached their highest since the financial crisis, while thirty-year yields have hit levels unseen since 1998. This downturn is not solely due to external factors but also reflects Britain's stubbornly high inflation and a government lacking fiscal credibility. Although inflation and higher borrowing rates due to rising prices in Britain compared to the Eurozone contribute to the issue, the bond markets' response suggests that lenders require compensation for the declining value of sterling, thus demanding higher interest rates. Reform UK proposes that Britain should adopt sound money and fiscal responsibility, living within its means. They assert that confidence in the economy arises from credible plans and a willingness to make tough decisions before they become unavoidable. Reform UK has outlined plans to cut the welfare bill by £51bn a year, reduce net zero subsidies, civil service headcount, foreign aid, and handouts for migrants. Additionally, their supply-side reform agenda aims to tackle cost of living pressures, boost the economy, and bring inflation down amidst global shocks. The party also promises to tame inflation, taming the cost of living pressures, and revitalize Britain's high streets and infrastructure in major cities. By doing so, Reform UK intends to restore fiscal discipline and provide a stable environment for businesses to invest and plan, ultimately fostering growth.",
  "summary": "Robert Jenrick, Reform UK’s shadow chancellor, says markets can’t be lectured into trusting Britain. Only a credible plan for spending cuts can restore confidence Andy Burnham infamously declared he didn’t want to be “in hock to the bond market”. Six weeks into his premiership, his bold claim has aged like milk. The bond markets are [...]",
  "key_points": [
    "Reform UK proposes £51bn annual welfare bill cuts",
    "Party outlines supply-side reforms to lower costs",
    "Confidence hinges on credible fiscal plans"
  ],
  "editors_take": "Reform UK's proposals aim to restore fiscal discipline and boost confidence in Britain's economy by cutting spending and implementing supply-side reforms, a move that would benefit businesses and foster growth.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}