The job of Chancellor is the hardest one in government when a fissile national mood turns glum
Rachel Reeves hosted a Downing Street bash for MPs, associates and children this week – part of her charm offensive to reassure colleagues and media that she is an accessible figure and not, as one glum backbencher put it, “a high tax, low spending,that 3.
When Keir Starmer came into office, Reeves traded on the reputation of being “Keir’s economic brain”, foregrounding her credentials as a former Bank of England economist repeatedly as a reason for voters to deem her the best steward of the economy.
The Bank of England’s core mission to keep down inflation leaves Reeves in a position many Chancellors have chafed more openly about – the question of whether the Bank’s caution in leaving interest rates unchanged at 4.75 per cent, adding to pressure on mortgage holders and enterprises, is an over-reaction. But something has happened to the previous growth projection of 0.3 per cent, which buoyed Labour hopes only a month ago – and the obvious home-made event is Reeves’s own tax-raising budget.
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