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Authority is so important in politics.

Authority to persuade your backbench MPs not to rebels.

Authority to convince the financial markets that you have the resolve to stick to your guns in difficult times.

Authority to persuade the country that you can be trusted to govern.

Rachel Reeves sought to portray herself as the “Iron Chancellor”.

But she lost her mettle with her screeching Budget U-turn to ditch her plan to break Labour ’s flagship manifesto pledge on tax in order to raise Income Tax .

The markets were spooked by the startling retreat and her authority i

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