Simon Nixon’s

Political
Economy

Rachel Reeves:
Between a Rock and a Hard Place

It’s not a fashionable thing to say, but I have quite a lot of sympathy for Rachel Reeves.

The Chancellor has endured a torrid first 11 months in office. It is almost impossible to find anyone in politics, the media, business, or finance who has a good word to say about her stewardship of the economy.

Recent data is hardly encouraging. Economic growth in April was much lower than forecast, 10-year bond yields are now higher than under Liz Truss and well above those even of Greece, and there has been an unexpected rise in unemployment.

Reeves’ polling is plumbing depths reached by Kwasi Kwarteng, architect of Truss’ infamous mini-Budget.