Large borrowing, large spending, and large tax increases.
And significant politically, as it will determine the political climate for the ensuing years.
Chancellor Rachel Reeves will address the Commons, “My belief in Britain burns brighter than ever,” and pledge to “invest, invest, invest.”
“People have more money in their pockets. When you need it, the NHS is there.
“An economy that is growing, creating wealth and opportunity for all.”
Take note of the positive tone, following a recent barrage of pessimism from ministers.
What could be included in the budget and when is it due?
Playing Labour’s first major gamble, Rachel Reeves.
In one of the most significant disputes of the past few weeks, the government is also stressing that it is “protecting working people’s payslips,” which is code for National Insurance paid by employers rather to employees, increasing.
It is anticipated that Labour will use this budget to try to draw a political line with the Conservatives, much like Gordon Brown did ten and a half years ago. They will support what they call “investment,” or spending, and contrast it with what they will call the “decline” offered by the Tories.
