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The Guardian - UK
The Guardian - UK
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Gaby Hinsliff

Rachel Reeves swears this is not a return to austerity. What matters is that it feels like one

Rachel Reeves delivers her spring statement in the House of Commons, 26 March 2025.
Rachel Reeves delivers her spring statement in the House of Commons, 26 March 2025. Photograph: House of Commons

It was change that won it. That was the single word to which Labour eventually boiled down all its complex ambitions; the six-letter slogan plastered triumphantly across its manifesto, because by the summer of 2024 change was pretty much the only thing the people of an exhausted country could all agree on. What kind of change exactly had by that point almost ceased to matter. Anything but this, millions of us told ourselves, as we scattered our votes in all directions.

It was clear even at the time that there were tensions between that urgent, almost reckless hunger for change and the naturally careful, cautious instincts of a steady-as-you-go incoming prime minister and chancellor. But Labour papered over them with the impenetrable mantra that, actually, if you think about it, “stability is change”. Well, actually, it isn’t. That line was never going to hold, and with Wednesday’s spring statement it finally broke.

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