
Rachel Reeves’s non-Budget is very bad news
Rachel Reeves framed her Spring Statement around the insistence that Labour’s Plan for Change was already working, which meant that any changes she was having to make today had to be framed as small ‘adjustments’, rather than the sort of change of course that would allow the Conservatives to claim she was delivering an ‘emergency budget’. She insisted that she was sticking to only one fiscal event a year, but the Chancellor did have to make a number of admissions in today’s speech, chief among them that the OBR had cut its growth forecast for the year from 2 per cent to 1 per cent. She said she was ‘not
