Rollercoaster week for the chancellor ends in relief and a lesson learned that fortunes can change very fast

"The teams that surround the prime minister and his neighbour at No 11, Rachel Reeves, are made up mainly of untried novices in the hard business of running a government."

"When the price of government borrowing had begun to soar 10 days ago due largely to global uncertainties, threatening the very foundations of Reeves's entire fiscal strategy just six months into government, it felt like this administration's first real crisis could be round the corner."

"First came news that inflation had unexpectedly dipped in December, raising expectations of several interest rate cuts over the coming months. UK borrowing costs fell and the pound rose."

"Then on Friday the International Monetary Fund upgraded its forecast for the UK economy, buoying the sense of relief that replaced the previous week’s tension and uncertainty."

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