It seems unlikely Rachel Reeves had “cut back public spending plans” on her list of new year resolutions – but by the end of a rocky week, it is clear she has the red pen ready, if bond markets fail to settle down.
At one level, this makes perfect logical sense: the chancellor has promised not to raise taxes in the near future, after a whopping £40bn increase announced in October; and her fiscal rules are, as her chief secretary, Darren Jones, told MPs, “non-negotiable”.
