Less than three months after delivering her first Budget, Rachel Reeves is running into treacherous fiscal waters as rising UK borrowing costs erode her room for manoeuvre.
There is now a real risk that the chancellor will be forced to impose tighter fiscal policy as soon as March, when the Office for Budget Responsibility presents its forecasts, as she seeks to meet her self-imposed budget constraints.
The situation is damaging for the Labour government in light of Reeves’ claims that her October fiscal statement marked a landmark effort to “wipe the slate clean” when it comes to the UK’s budgetary woes.
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