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Rachel Reeves Will Be Hoping This Budget Buys Her some Time
Rachel Reeves aims to address a £20 billion spending shortfall, counter Reform UK’s rising support, and maintain fiscal stability while managing internal Labour party tensions.
- On November 26, Chancellor Rachel Reeves will use her second Budget to combat the cost-of-living crisis and retain backbench Labour support, saying `Today I will take the fair and necessary choices to deliver on our promise of change.`
- With the Office for Budget Responsibility expected to downgrade projections, Labour polling shows 19%, and Reeves has abandoned growth rhetoric amid political pressures.
- Treasury papers indicate the Treasury faces a 20 billion fiscal hole after shocks, prompting Reeves to build fiscal headroom of 15 billion-20 billion and consider scrapping the two-child benefit cap .
- Appease Labour MPs by offering giveaways on cost-of-living and wealth taxes, Chancellor Rachel Reeves aims to control spending while facing backbench anger that could threaten her leadership.
- Investors will watch bond-market investors for credible plans to reduce government borrowing costs, as analysts warn a 'smorgasbord' of tax rises risks fiscal credibility.
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Rachel Reeves’s days are numbered
In her Budget speech today, Chancellor Rachel Reeves will have four goals. Two political – keeping her own job and keeping Keir Starmer in his as PM – and two economic – avoiding a financial crisis and getting the economy going. Her chances look poor on all of them. In the latest polling by Lord
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Total News Sources19
Leaning Left4Leaning Right5Center7Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 25%
C 44%
R 31%
Factuality
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