The Guardian view on Rachel Reeves’s speech: gambling on a mirage of stability | Editorial

The chancellor’s bid to appear fiscally credible hides a deeper weakness: a growth model built on private debt and political theatre, not real economic renewalRachel Reeves’s speech was a pre-emptive confession that Labour would almost certainly break its manifesto commitment not to put up income tax in November’s budget. The credibility gap between Labour’s political theatre and the fiscal arithmetic has been obvious for weeks. The economic fundamentals haven’t cha