The chancellor’s careful calculations for her spring statement are likely to be blown out of the water by a looming US trade war
• From more tax to rewriting budget rules: six alternative ways Reeves could raise money
As Rachel Reeves powered through her spring statement on Wednesday, telling the country she was “restoring stability to the public finances” few in the House of Commons chamber seemed to know what to make of it all.
Reeves’s message did not seem to resonate with the underlying mood of uncertainty and anxiety at home and abroad. Many Labour MP nodded loyally along with her, trying to impress the whips. Others on the government benches looked grave. Growth forecasts for this year had been halved. Money would have to be raised to meet the chancellor’s own fiscal rules, and the poorest would be the ones bearing the brunt.
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