Rachel Reeves has pulled off a remarkable disappearing act. In the last few months of 2025, the Chancellor was ubiquitous. She did a seemingly non-stop media blitz to lay the groundwork for tax rises in the November Budget, then was deployed again to try and persuade voters that all that pain would lead to meaningful gains.

But in 2026, the situation has been different. Reeves has rarely made big headlines, with the main story coming out of the Treasury being an embarrassing U-turn on the decision to slap higher business rates on most pubs. This is partly because polls show she may not be the most effective carrier of the Government’s message. Just 12 per cent of voters say the Chancellor is doing a good job, according to BMG Research, with 60 per cent disapproving of her performance.

It is also connected to the bruising experience of the pre-Budget period, when Reeves had to fight off claims she was misleading the public and unsettling markets due to a series of leaks and wavering over whether or not to breach Labour’s manifesto promises by raising income tax.

Recent weeks........

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