Did Rachel Reeves just rule out more tax hikes?

Speaking to business leaders in the East Midlands this morning, Rachel Reeves delivered a fairly uncontroversial speech. In her first major address since the election was called last week, the shadow chancellor insisted that Labour is the ‘natural party of British business’ (a point bolstered by today’s letter signed by over 100 business chiefs endorsing Labour). She said she wanted ‘to lead the most pro-growth, pro-business Treasury our country has ever seen’ – who could argue with that? She then went on to restate her commitment to fiscal discipline and a promise to make the numbers add up.

While the dig at free markets won’t have been everyone’s cup of tea, it was an inoffensive speech, largely because it lacked any details about these ‘pro-growth, pro-business’ policies which might lead to some debate on their merits. But the Q&A was much more enlightening.