\n<\/p>\n
This was a huge, change-making budget.<\/p>\n
Don\u2019t let anyone tell you there isn\u2019t much difference between the main parties at Westminster.<\/p>\n
This was a Budget with Labour\u2019s instincts and worldview stamped throughout it.<\/p>\n
There are the tax rises visible from near-earth orbit, the self imposed borrowing rules shredded and re-written – to allow more borrowing – and big wads of spending for the NHS, just for starters.<\/p>\n
I lost track during the election campaign of how often Labour folk insisted they had \u201cno plans\u201d to put up taxes beyond a relatively narrow band of those they said would rise.<\/p>\n
Looked at now you don\u2019t have to be wildly uncharitable to conclude that was comprehensive baloney.<\/p>\n
Labour, psychologically scarred by losing far more elections than they win, tend to try to hug the Conservatives close when it comes to tax and spending plans before elections where they think they can beat them, fearing anything else will spook swing voters and cost them the contest.<\/p>\n
And, pretty much, that is what Labour did back in the summer.<\/p>\n
No such caution now.<\/p>\n
The books were worse than we thought is Labour\u2019s mitigating plea, garnished with a we-won\u2019t-do-it-again insistence from the chancellor in my interview with her.<\/a><\/p>\n \u201cThis is not the sort of Budget we would want to repeat,\u201d Rachel Reeves told me.<\/p>\n For the chancellor, we now enter the valley of maximum scrutiny and jeopardy for her prospectus.<\/p>\n Journalists, policy experts, industry, trade unions, you as readers have a chance to properly squirrel away at the detail and ask awkward questions.<\/p>\n You will see the chancellor on BBC television and hear her on the radio.<\/p>\n Senior figures insist they want to embrace this scrutiny.<\/p>\n They point out she didn\u2019t go on TV and radio shows last Sunday, before the Budget, as has become recent infuriating tradition \u2013 where journalists ask pertinent questions about the content of the Budget and are repeatedly told to wait until Wednesday.<\/p>\n She will instead be appearing this Sunday, alongside the new Conservative leader elected on Saturday, no doubt.<\/p>\n So where might that scrutiny come? All the big stuff, for sure \u2013 the tax rises, the borrowing, the spending.<\/p>\n<\/div>\n But I always like to keep an eye on the rows that may appear smaller but have the potential to blow up in a government\u2019s face.<\/p>\n There is already real anger among many farmers<\/a> about changes to inheritance tax which they fear will mean lots of farming families will no longer be able to pass on their life\u2019s work and business to the next generation.<\/p>\n And a couple of big picture, longer-term thoughts to ponder.<\/p>\n This is a government with a central mission of helping to drive up economic growth.<\/p>\n And yet the projections for growth appear stubbornly anaemic<\/a>, as our economics editor, Faisal Islam, writes.<\/p>\n And there is a similar observation from the Institute for Fiscal Studies<\/a>, who have crunched the numbers on the forecasts for the money we are each likely to have in our pockets in the coming years, once bills are sorted \u2013 per capita disposable income, to use the language of economists.<\/p>\n They conclude its rate of growth, while up a smidgen on where it\u2019s been in recent years, is still pretty piffling.<\/p>\n The government will hope the forecasts are wrong \u2013 and they can be.<\/p>\n