Some budgets are important but quickly forgotten. Some budgets are trivial but linger long in the memory. The package of measures Rachel Reeves has delivered is a rarity: a budget that matters and will go down in the history books. And perhaps not for the right reasons.

Make no mistake, the buildup was shambolic, and real damage has been caused by the leaks and counter-leaks coming out of the Treasury. The early release by the Office for Budget Responsibility of the contents of what the chancellor had in store was a final, chaotic twist marring what was supposed to be Reeves’s big day.

Despite the embarrassment of having pundits dissect her measures before she had actually announced them, the chancellor put in a combative performance, defending her policy choices and attacking the Conservatives for their record in office between 2010 and 2024. In this, she was helped no end by the still vivid memories of the Liz Truss mini-budget of three years ago. For Labour, Truss is the gift that keeps on giving.

Expectations were so low ahead of the budget that it didn’t take much to exceed them. Things may yet unravel quickly, but the signs are that the package provides........

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