Nick Ferrari Calls Rachel Reeves 'The Klarna Chancellor' After She Splashed The Cash In Spending Review

Rachel Reeves and Nick FerrariNick Ferrari dubbed Rachel Reeves the “Klarna chancellor” this morning as he attacked her spending review.The cabinet minister revealed how she was going to spend an extra £300 billion over the next three years on Wednesday, offering huge cash injections for the NHS and the defence department.While she did squeeze some other Whitehall departments’ day-to-day spending, her statement did not include any tax hikes, something usually announced only in the autumn Budget.So the LBC presenter questioned just how this was all going to add up during a tense interview with Reeves on Thursday.Ferrari began: “You’ve earned another nickname in some quarters, the Klarna chancellor – as in, you buy now, pay later. How do you respond to that charge?” Klarna is an online company which allows consumers to pay for products in installments.“I don’t accept that at all,” Reeves replied. “As I say, all of this money was allocated in the Budget last year.”“Yes, but you can’t tell me you’re not going to raise taxes in four, five months’ time, chancellor,” Ferrari said.“Not to pay for anything I did yesterday, that was fully funded,” Reeves replied.“The idea that yesterday I racked up a bill which I’m going to need to pay for in the future, that’s just not right.“Last year I had to increase taxes, I’ve now allocated that money in the spending review on health, security and economic growth.”She said that it would “very risky for chancellor to write future budgets”, but did say: “I won’t have to repeat a Budget like the one last year.”He pointed the Office for National Statistics figures found gross domestic product (GDP) fell by 0.3% in April – a worse than economists had predicted.Unemployment also rose by 50,000 this week. “You talk about a stable economy, this is about as stable as Thomas Tuchel’s England defence isn’t it?” Ferrari said.Tuchel is the manager of England’s football team, and just endured a difficult week including a difficult win over Andorra and a defeat to Senegal.But Reeves replied: “Monthly GDP numbers are particularly volatile and April was a challenging month, it’s when the US tariffs came in, but since then we’ve secured three trade deals.”‘The Klarna Chancellor. Buy now pay later.’‘I don’t accept that at all.’@NickFerrariLBC gives Rachel Reeves a chance to respond to her new nickname after the recent Spending Review. pic.twitter.com/2FMc8z1yIB— LBC (@LBC) June 12, 2025Related...Blow For Rachel Reeves As UK Economy Shrank By 0.3% After Trump TariffsDonald Trump's Tariffs Blamed As Experts Make Grim Forecast About UK EconomyKeir Starmer Warns Nigel Farage's 'Mad Experiment' Would Ruin Economy Like Liz Truss

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