After the frenzy of the Commons, comes the poring over the fine print. Rachel Reeves’s Budget is being studied across Westminster, following a chaotic lunchtime in which the OBR’s response was uploaded online an hour before her speech.

That speech was heavily pre-briefed, with few real surprises. Taxes were hiked by £26 billion – though not as much as last year’s £32 billion. The level of fiscal headroom has been doubled to more than £22 billion. Growth will be up this year from 1 per cent to 1.5 per cent – but down from earlier projections by 2029. ‘The Chancellor is relying heavily on tax rises towards the back end of the parliament,’ says the Institute for Fiscal Studies. More borrowing in the medium term, then tax hikes. Spend now, pay later: Reeves’s Klarna Budget.

More borrowing

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