Funding the Future Can Reeves' budget survive Labour's collapse?
Nov 14, 2025
Rachel Reeves faces a huge challenge in delivering a budget while Labour grapples with internal chaos. With cabinet briefings and lost confidence, the party's direction becomes questionable. The discussion highlights how a budget reflects a government's beliefs, which are currently lacking. Reeves’ commitment to Tory fiscal rules impacts decision-making, and trust in her forecasts is in jeopardy. Urgent priorities like investment and fair wages emerge, calling for a clear vision from leadership to rebuild confidence in Britain’s economy.
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Budgets Require Belief
- A budget is a statement of intent that requires belief and purpose to be credible.
- Richard Murphy argues Labour lacks that belief, so Reeves cannot deliver a meaningful budget.
Leadership Vacuum At The Top
- Labour shows a vacuum at the top with no vision, plan or conviction.
- Murphy says Starmer's 'stability' prioritises markets over wider social needs.
Self-Imposed Fiscal Constraints
- Reeves bound herself to Tory fiscal rules before taking office and claims fiscal credibility.
- Murphy argues true fiscal credibility comes from using state power to secure well-being and employment.