The thinking behind Rachel Reeves’s spending plans for the next three years was revealed in her statement on Wednesday. It is crude and probably correct. Of the government’s three priorities, there is only one that ministers can control, so she will throw money at that one.
The voters care about the cost of living, immigration and the NHS. There is not much the government can do about the first. It has to talk about growth and hope for the best. We are at the mercy of Donald Trump, various wars and the bond markets.
