Rachel Reeves said was steering the economy past a black hole but her calculations are off and we’re heading for the abyss, says Helen Thomas

One year ago, the new UK Chancellor declared that upon taking office she had discovered a £22bn fiscal black hole. She told parliament in her first big speech, “If left unaddressed it would have meant a 25 per cent increase in the government’s financing needs this year, pushing gilt issuance further into record highs outside of the pandemic”. Addressing it was done by an immediate decision to restrict winter fuel payments to offset public sector pay rises to train drivers and doctors. This was followed up in the Autumn Budget with higher taxes. Still the black hole lurked, its gravitational pull undisturbed by Spring Statement attempts to rein-in welfare spending. Even that was thwarted by rebellious backbenchers, leaving the economy even closer to the event horizon than before Rachel Reeves spotted the issue that required addressing. In space, no-one can hear you scream but they can still see your tears.

It wasn’t supposed to be like this. Reeves was the prudent astronaut, eyes on the........

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