Peevish return for Reeves: Former Chancellor's blunders must not be repeated, says ALEX BRUMMER

The silence of Rachel Reeves since it became clear Keir Starmer was finished has been deafening.Yet, on cue, the former Chancellor is out there on social media during an August scorcher to claim ownership of the ‘stability, investment and reform’ to an economy which delivered a lift of 0.4 per cent in the second quarter.The UK is on track to be alongside the United States as the fastest-growing G7 nation in 2026.The reality is that the leap forward comes despite Reeves’ stewardship, which saw consumers and businesses weighed down by £75billion of new taxes and Angela Rayner’s destructive employment reforms.The UK continues to outperform European peers without the Reeves remedy of cosying up to Brussels.Andy Burnham and his Chancellor John Healey have a flying start. Burnham is good at parlaying a tricky inheritance into making people feel better. Cheek: Former Chancellor Rachel Reeves, pictured, is keen to take credit for the UK being on track to be the alongside the US as the fastest growing G7 nation in 2026 Confidence is terribly important and the wooden contributions of Starmer and Reeves about the parlous state of the UK, with playbacks to Liz Truss mayhem, exuded pessimism.Instead of playing to Britain’s strengths – a booming service sector, vibrant tech and extraordinary creativity – Reeves backed a slow pony by insisting that the solution to growth was building houses.Indeed, Burnham should dial down his obsession with affordable housing and state control of utilities.Such measures will weigh on a stretched balance sheet rather than encourage the expansion necessary to drive down deficits and debt.Similarly, it is time that Burnham and Healey stopped snarking about a cost-of-living crisis.Fears that the stand-off in the Gulf of Hormuz would bring the global economy to a halt and turn us all into paupers are misjudged. Real wages are rising and benefits, as the Office for Budget Responsibility has pointed out, are unnecessarily indexed to average earnings.The breakdown of output figures for the last three months tells us where focus should be. Almost all growth is coming from services. Investment picked up 1.2 per cent, with ICT and equipment going strongly. Even more reason for the Chancellor to double down on full expensing of corporation tax so that the digital economy, cyber and AI are fully included.Manufacturing was a laggard. The green agenda, which brought virgin steel production to a halt, played a part.Reinvigorating construction requires recognising that listed housebuilders are key to meeting targets.Breaks on stamp duty and Help to Buy, for all their faults, drove growth. There should be no doubt about Britain’s resilience. No economy can thrive for long with roadblocks such as employment law changes adding billions to business costs.Healey has brought forward the Budget by a month to October 28. The Chancellor doesn’t have to be the Grinch who stole Christmas. He should consider judicious tax cuts, such as stamp duty on shares and housing, to bolster growth.Radical welfare cuts, rather than wealth taxes, would underpin recovery.Pour the BollyWho imagined Harvey Nichols, an exemplar of British luxury shopping, would end up in the hands of Mike Ashley?Online shopping, energy bills, property taxes and rising costs of employment meant the store chain became a liability.As is often the case, Mike Ashley and his son-in-law Michael Murray have swooped in as buyers of last resort, snapping up the famed Knightsbridge store and five regional outlets for £40million.Ashley’s ownership isn’t always smooth, as the purchase and swift administration of Matches in 2023-24 showed.Buying from private equity, which squeezed the lemon dry, is different from an unadulterated purchase from professional administrators. It is another lift for Murray’s ‘elevation’ strategy aimed at bolstering brand choice and profits.Slam dunkThe sale of LA Lakers basketball to a consortium that includes former Disney boss Bob Iger and Josh Kushner, for an astonishing $12.5billion, should have Premier League and European football club owners rubbing their hands in glee.Properly monetised soccer is one of the great, still investable, assets.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you