Is Rachel Reeves about to make the same mistake as Liz Truss?

How much can Rachel Reeves be trusted? A Chancellor’s credibility counts for a lot with the markets, who are asked to lend HM Government tens of billions a year. Reeves claims to be serious, straight and candid in a way her Tory predecessors were not. But now she seems to be channeling Liz Truss and coming up with her own assessment of the public finances while dispensing with the service of the Office for Budget Responsibility (OBR). She intends to declare a £20 billion hole, we’re told, and say she is shocked – shocked! – at what a mess the finances are in. Cue an excuse for tax rises, more borrowing or both.

This would mark a big change from what she said during the campaign. ‘We’ve got the OBR now,’ she admitted then to the Financial Times.