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This is exactly the risk of downgrading the value of debt to GDP in your fiscal framework. This is what markets will be focused on and it's heading in the wrong direction.

First Chancellor not to even have a plan to get debt falling.

IFS Paul Johnson: "What the Chancellor has all but guaranteed is another six months of damaging speculation and uncertainty over tax policy. That didn’t go well between last July’s election and October’s Budget. I fear a longer rerun this year."

Crucial chart from the FT - Reeves left herself far less headroom in her first Budget than in 2010, which is why she then had to act yesterday. Living on the edge.

And, of course, this is against a notably loose fiscal rule relative to Reeves’s predecessors

I'll be on the Sophy Ridge show on Sky News later, from 7-8pm

Rupert Harrison - George Osbourne's former Chief of Staff - says Chancellor Rachel Reeves has made a mistake not giving herself more headroom. #PoliticsHub trib.al/ftpea6d 📺 Sky 501, Virgin 602, Freeview 233 and YouTube

Now that we're spending £100+ billion a year servicing the national debt, let's remember all the geniuses who said we should have borrowed even more money.

The Government ran a surplus in 1948. It would have complied with the current fiscal rules (or any other fiscal rule that has been in operation in recent decades).

The NI increase kicks in at the end of this week. OBR say 76% is passed through into lower wages. So someone on £13k loses £500. Someone on £9K loses 5% of their income. Amazing that a left wing government has gone with a tax increase that's laser-targeted on low paid workers.

What happens when welfare reforms are driven by short term requirements to plug a fiscal hole rather than a coherent strategy to get more people into work.

Never been a better moment for this meme.

Media discussions of inequality are so dire. Always said to be "exploding" Actually ONS stats out today for year ending April 2024 show: - Inequality (gini) fell from 37% - 33% from 2010-2024, lowest since 98 - Top 1% share lower than Labour, lowest since records started in 2002

NEW interviews by me and Annabelle Dickson — Rachel Reeves has no good choices. It's tax rises, *more* spending cuts by 2029, or even breaking manifesto pledges Jared Bernstein, Ruth Curtice, Luke Sullivan, Gavin Barwell Rupert Harrison James Meadway give their tips politico.eu/article/uk-cha…