UK borrowing costs spiked when she cried, as markets fretted Ms Reeves could quit and take her fiscal discipline with her. Labour gave a solemn pre-election commitment that it wouldn’t raise income tax rates. Income tax thresholds will be frozen – bringing in more tax but allowing Labour to cling to the argument that it kept its promise. If he goes, the conventional wisdom is that surely Ms Reeves will too, assuming she hasn’t already gone before that. No matter which way she turns, Ms Reeves struggles to escape the brutal uncertainties enveloping UK politics.

Source: The Irish Times November 26, 2025 15:02 UTC