Thursday 26 February 2026 11:51 am

Watch: Spotlight turns on Reeves – and the state of our economy

By: Christian May

Editor-in-Chief

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We haven’t heard much from Rachel Reeves so far this year – probably a deliberate strategy – but is the Chancellor set to make waves next week at the Spring Statement?

Rachel Reeves didn’t have a great 2025. UK quarterly GDP growth peaked in Q1 at 0.7 per cent as firms front-loaded their activity to get ahead of Trump’s tariffs before slumping to 0.3 per cent in Q2 and then flatlining at 0.1 per cent for the final two quarters of the year. That line tells its own story, but within it there were moments of absurdity such as the Chancellor sobbing in the Commons and tragedy such as the deeply damaging period of speculation leading up to the Budget. 

Politically, the government hasn’t enjoyed a great start to 2026. At one point it looked as if the Prime Minister was about to be forced out of office or at least challenged for the leadership – and the Chancellor’s fate is tied to Keir Starmer’s. Little wonder she’s kept a low profile. She flew in and out of Davos virtually unnoticed, and she didn’t make the guest list for the PM’s big China trip. 

OBR warning on Employment Rights Act

Next week,........

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