The chancellor has given Labour breathing space with modest giveaways, but can only hope for an upturn in the government’s fortunes before tax increases kick in
Some budgets are important but quickly forgotten. Some budgets are trivial but linger long in the memory. The package of measures Rachel Reeves has delivered is a rarity: a budget that matters and will go down in the history books. And perhaps not for the right reasons.
Make no mistake, the buildup was shambolic, and real damage has been caused by the leaks and counter-leaks coming out of the Treasury. The early release by the Office for Budget Responsibility of the contents of what the chancellor had in store was a final, chaotic twist marring what was supposed to be Reeves’s big day.
