Labour's future now hangs on delivering its promises

The short-term politics of Rachel Reeves’s Budget are clear. Taxes that affect most voters’ pay are not increased. Even the duty on petrol remains unchanged, while the much anticipated extension of the freeze of income tax thresholds was notable by its absence.

- JOHN CURTICE

Yet, at the same time, spending on public services is increased this year and next – including (above all) on the health service. And there was even a one penny cut in the price of draught beer sold in pubs.

Much of a £40bn increase in taxes (the biggest tax hike since 1993) is visited – in the first instance at least – on business, most notably through a 1.2 per cent increase in employers’ national insurance. Following on from the two cuts in employee national insurance introduced by the Conservative government, this tax has now become primarily a tax on business – rather than those whom they employ.

Otherwise, the burden falls on those with assets; those who can afford to send their children to private school – and on those who have been trying to pay less than they owe the taxman.