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The Guardian - UK
The Guardian - UK
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Martin Kettle

Rachel Reeves is damned if she raises income tax in the budget – and damned if she doesn’t

Rachel Reeves takes questions after her Downing Street speech, 4 November 2025.
Rachel Reeves takes questions after her Downing Street speech, 4 November 2025. Photograph: Justin Tallis/Reuters

It may not feel that way, but these are pivotal weeks in modern British, and perhaps also modern European, politics. I do not know whether the ink is yet dry on the final draft of Rachel Reeves’s 26 November budget, let alone know what measures it will contain. But I do know that this budget matters more than any other in recent times.

Reeves would not have made her Downing Street speech on Tuesday simply to trail a business-as-usual package. The inevitable inference is that she plans a moment of enforced but necessary departure from tradition. The outcome, whether success or failure, will surely reshape politics for years to come.

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