The British budget combines large numbers and a narrow vision
A bigger state but an irrational way to fund it
Rachel Reeves, Britain’s chancellor of the exchequer, will never have a better moment to make bold changes than the budget she presented on October 30th. She had a mandate to fix public services, a huge parliamentary majority and four months to work out how to raise taxes and encourage growth. In the end, she offered an odd mix of eye-popping numbers and small-bore thinking. She has taken steps to fix Britain’s crumbling public services, chronic underinvestment and fairy-tale fiscal forecasts. But she has lost her best chance at reform.
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This article appeared in the Leaders section of the print edition under the headline “Large numbers, narrow vision”
From the November 2nd 2024 edition
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