In a major foreign policy and economic address, Shadow Chancellor Rachel Reeves has launched a blistering attack on the Russian Federation, labelling its economy a "failure" and a "shadow" of its former self, crippled by international sanctions.
The Labour frontbencher drew a stark contrast between Russia's economic collapse and the United Kingdom's enduring resilience, using the speech to frame the next general election as a critical choice for Britain's future economic security.
The Crumbling Russian Economy: A Consequence of War
Reeves presented a damning assessment of the economic cost Vladimir Putin has incurred for his invasion of Ukraine. She highlighted that Russia has now overtaken Iran as the world's most sanctioned nation, a status that has eviscerated its economic standing.
"The Russian economy is failing," Reeves stated unequivocally. "It is being propped up by the state. It is a shadow of what it was before the illegal invasion of Ukraine." She pointed to a sobering statistic from the International Monetary Fund, noting that Russia's economy is now smaller than that of the United Kingdom, a dramatic reversal of fortunes.
The UK's Strategic Economic Response
The Shadow Chancellor detailed the effectiveness of the coordinated Western response, praising the UK's role in implementing a powerful sanctions regime and a cap on the price of Russian oil. These measures, she argued, have severely restricted the Kremlin's ability to finance its war machine.
"We have wielded our economic strength as a source of our national security and that of our allies," Reeves said, positioning economic policy as a fundamental pillar of national defence.
Labour's Blueprint for British Resilience
Moving beyond critique, Reeves outlined Labour's commitment to ensuring the UK's economy is fortified against future global shocks. Her vision is built on a foundation of secure, home-grown energy, stable institutions, and a robust industrial strategy.
She pledged that a future Labour government would maintain its unwavering support for Ukraine while strengthening the UK's economic defences. This includes plans to shield British industries and consumers from the volatility exploited by regimes like Putin's, ensuring that the UK remains a bastion of economic stability in an uncertain world.
