Rachel Reeves may have helped run up a £151 billion deficit in the past 12 months (with a little help from Jeremy Hunt), but for some people it is not nearly enough. A snapshot into Reeves’s world is provided by the Resolution Foundation today, which has claimed that Reeves’s plan for £100 billion of additional capital spending over the course of this parliament will not nearly be enough, and that most of it will simply be swallowed up reversing ‘Tory cuts’.
In a report entitled Capital Gains, it says that Reeves won’t really have an extra £100 billion to spend in her spending review; when cuts to budgets are taken into account it will mean only an extra £20 billion of money available.
This is the kind of pressure Reeves is under constantly: demands from her own party for ever higher tax and spending.
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