Rachel Reeves’s interventions will ease the cost of living and suggest a desire to revive growth and protect public services

Rachel Reeves’s budget contains many measures to make any social democrat cheer. Scrapping the two‑child benefit cap, putting up gambling taxes, freezing rail fares and implementing a mansion tax are not just sensible moves – they are long overdue. As is a “managed transition” for the North Sea that supports workers while pivoting to clean energy, without abruptly ditching oil and gas. The country will be a better, fairer place for these measures. They should also assuage backbench anger over self-inflicted damage by the chancellor’s proposed welfare cuts and secure Ms Reeves’s position – for now.

The dilemma at the heart of Ms Reeves’s fiscal strategy is that whil

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