The government has made many mistakes since coming to office, but the Chancellor deserves some credit for not breaking her fiscal rules at the first opportunity. The demands from various groups (and various wings of her own party) for more borrowing or exempting certain measures from the fiscal rules were ruthlessly ignored at the Spring Statement by Rachel Reeves, who likely has a perverse relationship with the framework she set herself just 8 months ago.

While she is undoubtedly frustrated with the OBR’s approach to evaluating her policies, and the constraints that their........

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