Should growth fail to arrive there is a ready-made set of rebels
Reeves will have to borrow more or get ready for more tax rises. She knows she has some tricky political choices ahead of her
To allow time for the economy to start growing, some expected Reeves to conduct a one-year spending review, delaying a multi-year appraisal until late next year to buy herself more time to see where the bodies are buried and – perhaps – to allow the economy to grow and thereby give her more fiscal wriggle-room.
“Since the 2008 financial crash we have had 15 years of low growth, and turning that around is like an oil tanker,” Gemma Tetlow, Chief Economist at the Institute for Government, told. “It’s unclear whether she will be able to show the results of any growth quickly enough to be able to point to it by the next general election.”
How long she can fend off such demands will be a test. She’s said she intends to bring about transformation through a three-pronged approach: stability, supply-side reform and investment from business. Arguably she has ticked the first two off her list already: stability by beefing up the role of the Office for Budget Responsibility, and reforms by launching planning liberalisation so quickly.
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