This was Rachel Reeves’s first large second as Chancellor of the Exchequer.
Lower than 4 weeks after Labour’s election victory, her assertion was entitled Spending Inheritance and he or she delivered it from the despatch field.
She was eyeing her predecessor Jeremy Hunt, now sitting on the opposition benches, who was quietly seething all through.
It represents her first large set of decisions, as she tries to persuade you, the voter, that her strategy to managing the economic system is healthier than what got here earlier than.
This was principally a political second, an try by the brand new authorities to dollop blame on the Conservatives whereas serving up the primary serving to of adverse stuff to announce.
The cuts got here at this time, the tax rises are anticipated within the Funds in October.
The stand-out bulletins have been on public sector pay: a hoped-for finish to scratchy industrial relations, strikes by junior medical doctors and disruption for the general public.
Nevertheless it does include a hefty price ticket.
Deliberate modifications to social care in England had been delayed by the Conservatives, and are actually scrapped by Labour.
The collective failure to reach at a long run answer to this enormous problem for therefore many has now been renewed but once more.
The IFS known as the choice to not proceed as “very disappointing given the lengthy failure to handle this problem”.
And limiting the winter gas allowance to simply those that get pension credit score or different means-tested advantages was an actual shock; there hadn’t been any public dialogue of it within the run-up.
A authorities’s may isn’t better than in its opening months, therefore this frontloading of cancellations and cutbacks.
And the chances are that is solely Act One of many troublesome stuff.
When the Funds comes on 30 October tax rises for some – maybe on capital positive factors, inheritance and pensions – look possible.
Rachel Reeves and Sir Keir Starmer will hope by the subsequent normal election 4 or 5 years away this can all appear a distant reminiscence.
Let’s see.
