Reeves may be in trouble but she has one thing on her side

Chancellor Rachel Reeves is under fire like never before.

- CHRIS BLACKHURST

She faces a three-pronged attack: from the Tories, who claim she misled the markets and are calling for an investigation by the Financial Conduct Authority; from the Lib Dems, who want the chancellor hauled before the Commons to explain herself; and from Reform UK, who are demanding that the Whitehall ethics tsar, Laurie Magnus, subject her to intense scrutiny.

Ordinarily, it would be tempting to say this is it. This really is enough when it comes to the hapless and desperately unpopular Reeves - she is in danger of dragging down the entire government, and must go. But Reeves has already proved to be nothing if not a survivor. Ever since she introduced her first Budget, containing the shock of a hike in employers’ national insurance and other tax-raising measures, she has withstood brickbats galore.

Crucially, Keir Starmer has leapt to her defence. The cynical theory is that he must; without her taking the rap, the prime minister is exposed. If Reeves goes, Starmer is next. The way things are heading, that may happen anyway: they could both depart together, or in short order, one after the other, such are their low personal approval ratings. Equally, Reeves does not act alone. She may be chancellor, but Starmer is her boss, and is overseeing all her moves, as are her fellow ministers.