Something broke in Reeves last week. The country saw it. She sat slumped in the Commons, face puffy with exhaustion, tears streaming, while PM Keir Starmer stared straight ahead. Next day, Reeves was wheeled out, caked in makeup and frozen in a rictus grin, still clearly traumatised and humiliated. And that was before she was forced to publicly hug her boss.
The UK’s destiny was written on her face. The government is crumbling, the party’s in revolt, the public finances are in meltdown. And the only tool Reeves has left will make everything worse. Trust me, this is just the start. The real disaster is now about to unfold.
The Chancellor can’t borrow more. She can’t spend more. She’s boxed herself in with “non-negotiable” fiscal rules. She has just one move left. Raise taxes.
That will enrage voters all over again – and crush the last breath of life from the economy. Reeves knows it, too.
And she knows that Starmer will continue to use her as a human shield, to protect himself against the backlash.
Yes, things were grim under the Tories. But under Labour, Britain’s going to pieces.
Another 2,000 small boat migrants turned up this week, each needing expensive hotel rooms. Labour can’t stop them.
Every single working day, another 3,000 people move on to incapacity benefits such as the Personal Independence Payment (PIP). Rebel MPs are waiving them through.
Jobs are being culled.
Employers are freezing hiring after last year’s £24billion National Insurance hike – a move that’s already cost 275,000 jobs.
Incredibly, Reeves did that at a time when artificial Intelligence will destroy tens of thousands more. Angela Rayner’s Employment Rights Bill will kill even more.
Ed Miliband’s new quangos are swallowing billions and producing nothing. Energy bills remain among the highest in the developed world.
Petty crime rages unchecked. Crooks shoplift as naturally as the rest of us shop. Phone theft is rampant. The police are nowhere to be seen.
The bloated civil service still can’t get anything done. The unions are flexing again. And as for the economy?
Growth has stalled, forcing the Office for Budget Responsibility to slash its forecasts. Productivity has flatlined. Businesses have stopped investing.
Wealthy taxpayers are fleeing to countries where success isn’t punished.
Business is following them out the door, as UK firms ditch London and list overseas. Inflation is set to stay high, keeping mortgage rates elevated and squeezing millions.
The list goes on and on.
Now we’re teetering on the brink of another Liz Truss moment, as bond markets demand more interest to lend money to our broken state.
Rebel Labour MPs scene weakness and demand more spending, not less. Yet the Institute for Fiscal Studies says Reeves already faces a £30billion black hole.
How does she square that circle? Answer: she can’t.
Taxing people is all Labour has left. And Reeves has been the given the job. With no back-up from her useless boss.
Speculation over her autumn Budget will run riot, just like it did last year, further strangling confidence and choking off growth.
The first blow may land as early as 16 July, when Reeves will savage our Cash ISAs.
Reeves has had an ugly week. And it will just get uglier and uglier. Soon, we’ll all be crying our eyes out.