This time last year Rachel Reeves walked up to a podium in Downing Street for one of the most bizarre press conferences in British political history.
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Reeves → walk → history
Scheduled for the surreal time of 8.10am, it involved the Chancellor publicly leaking her own Budget.
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Chancellor → schedule → Budget
Twelve months before, she had pledged she would not demand additional tax rises, either from the British people or British business.
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she → pledge → people
Now those promises were being junked.
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promises → junk → ?
In order to rectify the economic mess she had created, ‘we will all have to contribute’, she declared.
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she → rectify → mess
‘Each of us must do our bit.’
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Each → do → bit
On Wednesday, John Healey will unveil his own Budget.
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Healey → unveil → Budget
There has been significant speculation in the past few weeks over which grand economic philosophy will underpin it.
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philosophy → underpin → it
Some have claimed it will be a Keynesian attempt to kickstart growth.
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it → claim → growth
Others have suggested it will borrow heavily from Anthony Crosland, the former president of the Board of Trade and guru of the 1960s Labour social democrats, who Healey referenced in his party conference speech.
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Healey → suggest → speech
But the reality is he has taken his inspiration from a more recent Labour chancellor.
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he → take → chancellor
According to a senior minister: ‘John’s looked at what Rachel Reeves did.
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Reeves → accord → what
has made sure he does the opposite.
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does → make → opposite
This stark difference in approach has initially been seen in the pre-Budget presentation.
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difference → see → presentation
The run-up to the 2025 statement was characterised by a series of increasingly chaotic and contradictory leaks and counter-leaks, culminating in the Office for Budget Responsibility accidentally publishing its analysis – including all the relevant data tables – before Reeves had even started speaking.
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Reeves → characterise → tables
Everything has been kept tightly under wraps this year.
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Everything → keep → wraps
On Wednesday, John Healey will unveil his own Budget.
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Healey → unveil → Budget
There has been significant speculation in the past few weeks over which grand economic philosophy will underpin it
An official told Dan Hodges: 'Rachel and Keir lost control in the run-up to the last Budget.
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Rachel → underpin → Budget
Andy and John were very clear we need to keep things properly managed'
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we → need → things
‘We’re not going to be holding any emergency breakfast press conferences,’ one official told me.
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official → go → me
‘Rachel and Keir lost control in the run-up to the last Budget.
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Rachel → lose → Budget
Andy and John were very clear we need to keep things properly managed.
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things → need → ?
The same level of self-discipline has extended to the wider Budget framing.
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level → extend → framing
And while this latest iteration of the Burnham ‘Hopey-Changey-Vibey-Thing’ will generate a collective groan from hard-bitten Westminster watchers, it represents a clear and deliberate break from the doom-mongering that characterised the Reeves Budgets.
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that → generate → Budgets
‘Rachel was too negative,’ a minister explained.
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minister → explain → ?
‘She basically talked down her own economy.
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She → talk → economy
All the “black hole” talk undermined growth.
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talk → undermine → growth
John isn’t going to make the same mistake.’
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John → go → mistake
The more optimistic tone is also set to draw a clear line between the Chancellor and his political rivals.
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tone → set → Chancellor
‘He’s going to directly challenge Nigel Farage and the people who he sees as constantly talking Britain down,’ one Healey ally explains.
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ally → go → Britain
‘Farage is supposed to have this banking and business background, so he should know you can’t sell Britain internationally if you are constantly undermining the British brand.’
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you → suppose → brand
Learning the lessons of Reeves’ failure will also extend to the substance of this week’s speech.
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Learning → learn → speech
One of the key measures will be further steps to flesh out Andy Burnham’s cherished devolution agenda.
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One → flesh → agenda
More details will be given of the way he intends to distribute a proportion of the income tax take to elected mayors, and how he intends to broaden the plan to areas that do not have the same devolved structures.
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that → give → structures
A second area will be a much clearer stance on taking the difficult political decisions necessary to get to grips with stuttering growth and the cost-of-living crisis.
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area → take → living
As The Mail on Sunday reports today, Burnham and Healey have decided to give the green light to drilling the Rosebank oil field.
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Burnham → report → field
Former ministers, including Peter Kyle, have briefed journalists that they wanted to see more from the Government to boost the economy and tackle the cost of living crisis
According to a minister: ‘Both Andy and John have decided Rosebank needs to go ahead.
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Rosebank → include → minister
The economic and energy security case is so strong, and the Energy Wealth Fund will help mitigate concerns around the environment.
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Fund → help → environment
It’s the only sensible decision.’
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It → ’ → ?
Again, this represents a markedly different approach to the strategy pursued by Reeves and Keir Starmer.
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this → represent → Reeves
…and 20 more, not listed.
The Aporia
