Reeves has spoken to Sky News’ Sam Coates in her first interview since the OBR projections landed in the Treasury. When he asked her if taxes were going to rise in the budget she said ‘yes’…
In more detail:
“Well, I was really clear during the general election campaign that I would always make sure the numbers add up. Challenges are being thrown our way – whether that is the geopolitical uncertainties, the conflicts around the world, the increased tariffs and barriers to trade, and now this review looking at how productive our economy has been in the past and then projecting that forward. I won’t duck those challenges. Of course, we’re looking at tax and spending as well, but the numbers will always add up with me as Chancellor, because we saw just three years ago, what happens when a government, where the Conservatives lost control of the public finances, inflation and interest rates went through the roof.”
The Chancellor also ran through the new excuse for the poor state of the economy, which is to blame Nigel Farage and Brexit. Whoever cooked that one up is going to be ejected in the next inevitable Downing Street reset…
Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”