This is a love blog of what Reeves is saying in the Commons.

12.37

We have the right plan.

12.37

It's just a shame it has just been blown off course.

12.38

She is talking to the Bank of England. You bet she is.

12.38

Reeves is going all gung-ho on war talk as a basis for growth. Doesn't she know it is about destruction?

12.39

Apparently, we have an active and dynamic state. The trouble is, no one can see it

And then she commits to stability.

Inflation is down.

Bowwoing is down (but only on a technicaly)

And she claims there is stability. For that, read stagnation.

Now she promises more change - and also stability.

12.40

I have never seen Reeves as nervous as this.

Now she is claiming credit for interest rate cuts - whilst saying the BoE is independent.

12.42

She claims inflation will fall. Has she not noticed we have a war and oil and gas price hikes?

12.43

Reannouncing what Labour has done does not create a policy.

12.44

She is celebrating scrapping the two-child clause. I would shut up on that one.

12.45.

8 minutes in and nothing said.

12.45

Growth is unchanged - she says -but grows slower in 2026 and then faster in 2027 on.

1.1% this year, down on 1.4%.

Max is 1.6% in the five year forecast.

She claims growth per person is up. BUT no discussion on distribution, of course.

12.46

Unemployment will peak this year and fall to 4.1% by 2029. Still a scandal, I say. All those wasted people.

Young people, she admits, are in trouble.

And she admits the situation has got worse. She says she is taking action - we just have not yet seen the results.

There will be more reforms in the coming weeks - she has just not thought of them as yet.

12.48

She is reannouncing her November budget.

She mentions Green opposition. She has noticed the world is changing, the first useful thing I have learned.

12.49

Now she gets to pay.

And she says new fiscal rules will help them!!!! Absurd. We do not hear what that new fiscal rule might be. I suspect it is the one we have.

12.50

Now she says everything is paying off. In effect, there is no reason to change anything.

12.51

Word salad is pouring forth, all of it utterly meaningless.

12.52

Apparently, she is on the side of working people (so long as they are in the City)

She just nicked all the lines from Hannah Spencer's victory speech.  Amazing!

12.52

Now she lambasts Reform as the Tories. They are not. They are fascists. The Tories are just far-right. They are different.

12.53

Lame attacks on the Greenes re NATO. So, I guess, she is Trump's poodle.

12.54

Borrowing will fall from 4.3% this year to 1.8% in 2029. She might as well forecast Cambridge United winning the Premier League, so unlikely is that.

And let's be clear, what she is saying is that she will inject less into the economy. So, this is austerity.

12.56

£100 billion a year on interest is a disaster, she says, but she will not cut rates or cut interest on the central bank reserve accounts.

She is talking total nonsense again. She pretends she has no control when she has. This is a weak statement by a Chancellor who does not understand her job.

12.58

She says she rejects austerity. And then she says she must not spend.

"My plan is the right plan". The problem is she has no plan.

More word salad.

Utter drivel.

More later.

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