Good morning. It was Labour’s first budget in 14 years; it was the first budget ever to be delivered by a female chancellor; and, as a share of GDP, it takes taxes to their highest level since comparable records began. As heavily trailed as Rachel Reeves’s appearance at the dispatch box yesterday was, it was still a monumental political moment, and one that is likely to set the course of the country for many years to come.
After weeks of paving the way for a rough budget by blaming her Conservative predecessors for the economic legacy she inherited, Reeves largely struck a more optimistic tone in her delivery. And, by some measures, she has successfully charted a course that will increase growth and balance the books without increasing the burden on those endlessly-discussed “working people” as heavily as had been expected.
