Labour have ‘crippled’ the economy says Jeff Banks in devastating assessment of nation’s finances

Marcus Donaldson
Sat, 02 May 2026 15:26:04 +0000

Successful British entrepreneur Jeff Banks has slammed Labour for “crippling” the economy.

Speaking to GB News, the fashion designer and commentator delivered a devastating assessment of the nation’s finances.

The businessman listed an exhaustive list of economic woes blighting the UK, including the “highest unemployment rate at 5.2 per cent that we've had in the last ten years” and “youth unemployment at 16 per cent”.

“Why was that? Because the hike in National Insurance meant a minimum wage.

“It meant that employers are not going to employ young people whom they would otherwise have employed.”

“We've actually got the highest level of debt that we've had, standing at something like £94 billion.

“And we're paying an interest rate at a massive rate each year that is bigger than the economy of the NHS, defence, and all the rest of it put together,” Mr Banks informed.

“We are paying the highest energy cost of any country in Europe as a result of Ed Miliband and his lunatic policies.

“The cost of a watt of electricity in the UK is £0.26 per watt in France. It's £0.16 per watt in America.

“So we are paying twice and three times the cost of electricity. That's in just households. That's without industry.

“All of that as a result of Ed Miliband,” Mr Banks despaired.

The businessman explained that Britain’s bond market was also in serious trouble.

“The outside world looks on us as being a mistrustful country.

“So that is what this government has done to our economy.

“They’ve crippled it, and they've nowhere to go,” Mr Banks said.