It’s virtually in the chancellor of the Exchequer’s job description to wheel out empty platitudes when confronted with underwhelming economic data. Rachel Reeves’s reaction to the latest miserable UK growth figures lived up to form: “More to do”.
To give her some credit, she and the prime minister, tied by adversity now more than ever, have taxed their way to stabilising the public finances and, some wobbles aside, have managed to retain the confidence of investors rightly concerned about the UK’s debt and deficits. That she has – just – managed to stick to her fiscal rules and maintain the backing of the Office for Budget Responsibility and the Bank of England is the markets’ principal concern, and that has been met.
