"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. Despite the embarrassment of having pundits dissect her measures before she had actually announced them, the chancellor put in a combative performance, defending her policy choices and attacking the Conservatives for their record in office between 2010 and 2024."
"Through a hodgepodge of other measures, Reeves has more than doubled the size of the buffer against any unexpected bad economic news to 22bn. November forecast more than doubles fiscal headroom But a breathing space is one thing; a sustained improvement in Labour's political fortunes is quite another. The chancellor had best be hoping that her second budget is received better than her first, because the future of the government hangs on how well it goes down with two aud"
Rachel Reeves delivered a budget characterized as significant and potentially infamous. The buildup to the announcement was shambolic, with damaging leaks and an early OBR release exposing planned measures. Reeves defended her choices and attacked the Conservatives, aided by lingering fallout from the Liz Truss mini-budget. OBR forecasts were less dire than City pundits expected, removing the need for a 2p rise in the basic income tax rate. A mix of measures more than doubled the fiscal buffer to 22bn, providing temporary breathing space while political fortunes remain uncertain.
Read at www.theguardian.com
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