It’s the morning after the afternoon before, and Rachel Reeves has just finished her broadcast round, where she has faced tough questions and negative splashes in the papers. The Daily Mail brands Reeves ‘deluded’, while the Daily Telegraph warns of ‘five years of record taxes’. The Guardian splashes with ‘Reeves accused of balancing books at expense of the poor’, while the Financial Times says, ‘Tax rise fears cloud Reeves’s fiscal fix’.

She is navigating two main issues: first, the additional welfare reforms have caused disquiet in the Labour Party, with a potential rebellion on the horizon; second, the conversation has already turned to whether she will have to return for further tax rises in the autumn. Meanwhile, her headroom is under threat once again following this morning’s news that Donald Trump will impose a 25 per cent tariff on all imported cars. Can she keep the party – and the finances – in check?

Oscar Edmondson speaks to Katy Balls and Michael Simmons.

Produced by Oscar Edmondson.

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