Chancellor to deliver fiscal statement, billed as decisive moment for fate of Starmer government, at 12.30pm
Good morning. Budgets fall into two categories – reset ones, and continuity ones. Continuity budgets are more normal (or at least they were until British politics entered near-permanent crisis mode), and the reset ones tend to happen immediately after an election, or when there has been a change of chancellor. Reset budgets are more interesting (but interesting in the way journalists use the word, which is when what they really mean is ‘bad news’). This time last year Rachel Reeves thought the 2025 budget would be a continuity one, but instead it has turned into a colossal reset challenge – and, indeed, an event with the potential to make or break the Keir Starmer premiership.
Here is our overnight preview story.
