Good morning. We are two days away from the budget and, although we have a good idea of some of the main measures in it, the real debate about whether they are wise or not will not kick off until Wednesday afternoon. But Rachel Reeves, the chancellor, is already facing criticism about the handling of the process ahead of Wednesday, and this morning, with the CBI holding its annual conference, those comments are getting fresh prominence.
Put bluntly, expectation management is widely seen as having been shambolic. Two decisions in particular have backfired. First, this time last year at the CBI conference, Reeves said explicitly that the 2025 budget would not involve tax rises on the scale of the 2024, but now it is clear that they will. Then, three weeks ago, Reeves gave a speech in Downing Street signalling very clearly to the markets, and to her party, that she was going to have to rais
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