Speaking from Davos today, Rachel Reeves said:

“I wouldn’t blame the bond vigilantes for what happened in the UK last September, it was the fault of the government who announced £45 billion of unfunded tax cuts, and then went on the television and said there’s more to come.”

Labour is on shaky ground here, given that despite repeated promises from Starmer that all their policies will be fully costed, the party’s announced that exact same number – £45 billion – in unfunded spending promises since January 6 alone. Around £1,650 per household…

• Giving nurses at least a 10% pay rise – £7 billion
• Phasing out the system of GP partners and looking at salaried GPs – £1.72 billion
• Ban smoking, resulting in a loss of tax income – £7.6 billion
• Childcare for all children aged nine months to 11 years – £22.3 billion
• Keeping the freeze in fuel duty – £5.7 billion

In total, the last 13 days’ worth of uncosted Labour spending tots up to the exact amount Rachel Reeves claims caused a financial catastrophe under Liz Truss. Hardly the most reassuring prospectus for a ‘government in waiting’…