Rachel Reeves echoes Margaret Thatcher in Labour conference speech

The shadow chancellor said “we want our money back,” after announcing that a Labour government would appoint a “Covid corruption commissioner” to “chase down those who have ripped off the taxpayer”.

The comments appear to be an echo of former Tory prime minister Thatcher, who won her four-year battle to reduce Britain’s payments to the European Economic Community (EEC) in 1980 after famously declaring “I want my money back”.

Speaking on the main stage of the party conference in Liverpool, Reeves said Labour would “wage a war against fraud, waste and inefficiency” by cracking down on “Tory ministers’ private jet habit,” by slashing government consultancy spending and by going after “those who profited from the carnival of waste during the pandemic”.

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“For too long Tory governments have allowed money to be wasted and taxpayers defrauded," she said. 

“So Labour will wage a war against fraud, waste and inefficiency.

“Today I can announce three further fronts in Labour’s war on waste. First, we will crack down on Tory ministers’ private jet habit. What is (Prime Minister) Rishi Sunak so scared of up there in his private jet? Meeting a voter?

“We will enforce the ministerial code on the use of private planes and save millions of pounds for taxpayers in the process.

“Second, we will slash government consultancy spending, which has almost quadrupled in just six years. Consultants can play an important role, but taxpayers must get value for money.

“So we will introduce tough new rules. If a government department wants to bring in consultants, they must demonstrate the value-for-money case and if they cannot, then that request will be denied. We will aim to cut consultancy spending in half over the next parliament.

“And third, we will go after those who profited from the carnival of waste during the pandemic.”

Reeves highlighted that the cost to the taxpayer of Covid fraud is estimated at £7.2 billion, with only 2% of all fraudulent Covid grants having been recovered.

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“So I can announce today that we will appoint a Covid corruption commissioner,” she added.

“Supported by a hit squad of investigators, equipped with the powers they need and the mandate to do whatever it takes to chase down those who have ripped off the taxpayer, to take the fraudsters to court and to get back every penny of taxpayers’ money that they can.

“Because that money belongs in our NHS, it belongs in our schools, it belongs in our police.

“And let me tell you, we want our money back.”

The audience erupted in prolonged applause and gave Reeves a standing ovation.

It comes as Labour's plan for economic growth was criticised by the SNP, who said it was not the answer to the cost of living crisis.