The rudeness of Reform
Critics see Rachel Reeves as betraying her election manifesto tax promises; but she may well be trying ‘The Lady’s Not for Turning’ gambit. Her speech from Downing Street delivered before the markets opened on Tuesday, resembled – in content, if not in style – Margaret Thatcher’s 1980 party conference speech. In both cases, the incoming government had failed to get public spending and borrowing under control. (Indeed, government borrowing costs then were 6 per cent of GDP, compared with a mere 5.1 per cent today.) Also in both cases, the government sought simultaneously to go against earlier promises not to raise taxes, yet to do so in the name of