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Rachel Reeves must rethink how tax and spend decisions are made after welfare U-turn | Heather Stewart

Binary rules and twice-yearly OBR forecasts have turned chancellor’s moves into grim spectator sportThere are many lessons for Labour’s bruised leadership from last week’s embarrassing U-turn on welfare cuts, but one is surely that how – and when – fiscal policy is set is not working.Binary fiscal rules, a slim margin for error (less than £10bn), and the Office for Budget Responsibility’s twice-yearly forecasts, have combined to turn tax and spending decisions into a grim spectator sport. Continue reading...

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