Only 20% of tax rises will go towards making people better off. The vast majority will be spent meeting Labour’s fiscal rules and paying for U-turns
Imagine it: you are the chancellor of a government in mortal peril. Poll ratings are down the U-bend; backbenchers are mutinous and colleagues are circling around the prime minister, readying themselves to land the fatal blow. You have a budget, which may be your last chance to avert the inevitable. What do you do?
If you’re Rachel Reeves, you use it to buy time. Time for Keir Starmer and you to carry on in office for a while longer, so perhaps your luck will change. Extra time for this unfortunate, empty, placeholder of a PM costs more than olive oil, but the chancellor still splashed out. This afternoon, she delivered a budget that was a £26bn attempt to buy her government some time.
Aditya Chakrabortty is a Guardian columnist
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