Eleven days before the Budget, we have a U-turn on a U-turn. The plan to raise the basic rate of income tax – and break Labour’s manifesto pledge – has been abandoned.
Remember, this was not the Treasury “flying kites”. The Budget watchdog, the OBR, had already been briefed on the plan. And the Chancellor briefed the nation from 9 Downing Street, preparing us.
After No 10 climbed down on welfare cuts and winter fuel, this latest volte-face leaves the PM and Chancellor diminished. They appear weak and unable to control their MPs. Yes, Britain’s economic outlook had improved a little.
But the real reason the plan was jettisoned is that it was certain to antagonise voters and (mutinous) Labour MPs.
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Regardless, it looks like a panicked response to talk of a coup. This is not the way to run a Budget. The process has played out in public, creating uncertainty through Treasury leaks and flip-flopping – damaging market confidence.
The writing seems to be on the wall for Reeves. She is not showing the political will to stand up to opposition.
Labour had a lousy economic inheritance. The Conservatives laid traps around the Treasury while doing little to ignite growth.
Yet none of that was a surprise. We all knew it, long before the Tories were kicked out. So Labour’s failure to adequately prepare for power is baffling – and is proving this Government’s undoing.
What’s the plan? What’s the story? Why doesn’t No 10 stand up for its policies? Can Labour MPs unite behind a leader? The UK still has much in its favour. It doesn’t need to be this way.
@olyduff
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