Reeves came to reassure us... but ended up on the rack

The chancellor delivered an unusual speech that combined an admirable clarity about the problems facing her with a wilful refusal to accept responsibility for the position she finds herself in.

- JOHN RENTOUL

She seemed to be taking half of the right advice, which is that, when faced with difficult decisions, you have to do what is right for the country - and you have to explain yourself. You have to take the initiative, prepare people for what is coming, and talk them through the decisions you are making.

Hence, an early morning speech that was almost an address to the nation, three weeks before a Budget - a Budget in which the central decision, to break a manifesto promise not to raise taxes, has now been taken.

She explained, in simple language, what had changed since the last Budget: the world economy had slowed, interest rates had risen, new defence spending pledges had been made and productivity was “weaker than previously thought”.

None of those was her direct responsibility, but they were all foreseeable last year when she made the foolish claim to have “fixed the foundations”. It took some cheek, therefore, to stand at a lectern emblazoned with the words: “Strong foundations, secure future”.