Daily Politics from the New Statesman Rachel Reeves must climb out of a massive hole
Nov 25, 2025
Tom McTague, editor at the New Statesman, and Alva Ray, political editor, dive into the tumultuous political landscape surrounding Rachel Reeves, the least popular chancellor. They discuss Reeves's struggle with low economic growth and the restrictive nature of her manifesto pledges. The guests explore the impact of past budgets on business confidence and the uniqueness of the scrutiny female politicians face. They also consider whether a change in leadership could shift Labour's fortunes and analyze potential upcoming budget proposals.
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Manifesto Promise Created A Policy Trap
- Labour ruled out income tax, national insurance and VAT rises in opposition, which boxed Rachel Reeves in when government decisions were needed.
- That pledge forced difficult trade-offs and shaped most of Reeves' subsequent policy dilemmas.
Reeves' Structural Diagnosis Of Britain
- Reeves entered office with a structural diagnosis: Britain underinvested and is too vulnerable in a globalised economy.
- She framed the solution as boosting investment, but political mistakes and market reactions undermined that strategy.
Winter Fuel Cut Became A Nemesis
- Reeves' winter fuel payment cut became a lingering political liability that critics still use against her.
- That early misstep heightened internal and external hostility to her stewardship.