Under Sir Keir Starmer, the Labour Party has placed a greater emphasis on economic credibility than anything else.
Chancellor Rachel Reeves has established explicit budgetary guidelines, such as reducing the amount of debt relative to national revenue by the end of current parliament, and she has made adherence to these guidelines a key criterion for evaluating the legitimacy of the administration.
The recent increase in government borrowing costs might be extremely harmful to Reeves, the Treasury, and possibly Sir Keir Starmer’s entire political project because of this.
The government is less inclined to follow its regulations if it must spend a lot more money on debt interest.
The 26th of March is expected to become a crucial date based on current patterns.
