The government borrowed £15bn more than expected in the year to March, according to figures from the Office for National Statistics released on Wednesday morning. This is nothing short of disastrous for Rachel Reeves, who is in Washington DC trying to roll back US tariffs which threaten to make the outlook even worse.
Inevitably, the chancellor is besieged by know-alls offering advice. She should tear up her fiscal rules, the Blue Labour group of MPs suggested this week. Maurice Glasman, the guru of the working-class faction, went further and proposed the abolition of the Treasury – complaining that Ms Reeves had become merely a “drone” for the overmighty finance department.
