Philip Aldrick: Reeves' Weird Fiscal Symmetry

I couldn’t help noticing an odd but very specific symmetry when the latest government deficit numbers were published this morning. At last year’s October budget, Rachel Reeves set aside a...

By Philip Aldrick · Bloomberg

I couldn’t help noticing an odd but very specific symmetry when the latest government deficit numbers were published this morning. At last year’s October budget, Rachel Reeves set aside a £9.9 billion buffer against her main fiscal rule. She lost the lot within a few months but clawed her way back to exactly £9.9 billion through spending cuts, later reversed, in the March spring statement.