What is going on in the Treasury!?

With less than a fortnight to go until the Budget, it seems Rachel Reeves has performed an almighty U-turn. At the beginning of the week, the established consensus in Westminster was that the base rate of income tax would rise, breaking Labour’s flagship manifesto pledge. The Chancellor had already rolled the pitch, holding a press conference at which she warned ‘each of us must do our bit’. But the Financial Times – Reeves’ newspaper of choice – reports today that she has ‘ripped up’ her plans. Why the sudden change of heart?Oscar Edmondson speaks to James Heale and Tim Shipman. Produced by Oscar Edmondson. Become a Spectator subscriber today to access this podcast without adverts. Go to spectator.co.uk/adfree to find out more.For more Spectator podcasts, go to spectator.co.uk/podcasts.Contact us: [email protected] Hosted on Acast. See acast.com/privacy for more information.