The New Statesman: politics and culture What the Treasury reshuffle reveals about the budget | Politics with Will Dunn
Aug 26, 2025
A recent reshuffle in the Treasury raises questions about the upcoming budget. The discussion highlights how this shake-up could affect tax policies and investment strategies. Political dynamics and low approval ratings complicate the government's budgeting approach. The role of local tax reforms, like council tax, adds another layer to the challenges they face. Finally, the importance of budget forecasts in shaping market responses is emphasized, as Labour seeks to navigate a critical political landscape.
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Experienced Policy Operator Joins Treasury
- Torsten Bell brings deep fiscal and policy experience from the Treasury and Resolution Foundation to Reeves' team.
- His background makes him a convening policy brain for the difficult autumn budget task.
Budget Focus: Productivity And Contribution
- Reeves has two central aims: boost productivity and emphasise contribution to public services.
- Both aims shape which taxes and investments the budget will prioritise.
Investment As The Growth Diagnosis
- Bell argues Britain suffers from low investment and high inequality which drag down long-term growth.
- That diagnosis steers Reeves toward investment-first policy ideas despite political constraints.