The article discusses the challenges faced by Labour Party leader Keir Starmer and Chancellor of the Exchequer Rachel Reeves in preparing for the upcoming budget. The budget is expected to be tax-raising, and there are concerns that it will not help voters if they do not see a direct benefit from it.
Reeves has been under pressure from her own party members and Labour MPs, who are anxious about the impact of the budget on the party's image and the public's perception of its ability to manage the economy. Some have questioned her strategy for the budget, which includes cutting NHS waiting lists, paying off the national debt, and tackling the cost of living.
The article also highlights the tension between Reeves and the OBR (Office for Budget Responsibility), the watchdog that provides forecasts on fiscal policy. Reeves has publicly criticized the timing of the productivity downgrade, which Labour believes should have happened earlier, and is expected to announce changes to the way the OBR presents its forecast in the coming months.
The article suggests that the success or failure of the budget will have a significant impact on Starmer's leadership and personal future, as well as Reeves' career. Others fear that the budget is more significant than individual politician's fortunes, as it raises fundamental questions about whether centre-ground governments can address the UK's economic challenges.
Overall, the article suggests that the upcoming budget is a pivotal moment for Labour and the UK economy, and that the outcome will have far-reaching consequences for politics and the public.
Reeves has been under pressure from her own party members and Labour MPs, who are anxious about the impact of the budget on the party's image and the public's perception of its ability to manage the economy. Some have questioned her strategy for the budget, which includes cutting NHS waiting lists, paying off the national debt, and tackling the cost of living.
The article also highlights the tension between Reeves and the OBR (Office for Budget Responsibility), the watchdog that provides forecasts on fiscal policy. Reeves has publicly criticized the timing of the productivity downgrade, which Labour believes should have happened earlier, and is expected to announce changes to the way the OBR presents its forecast in the coming months.
The article suggests that the success or failure of the budget will have a significant impact on Starmer's leadership and personal future, as well as Reeves' career. Others fear that the budget is more significant than individual politician's fortunes, as it raises fundamental questions about whether centre-ground governments can address the UK's economic challenges.
Overall, the article suggests that the upcoming budget is a pivotal moment for Labour and the UK economy, and that the outcome will have far-reaching consequences for politics and the public.