For any Chancellor, their inaugural Budget is always a significant event.
However, for Rachel Reeves, who will be stepping up to the despatch box today as Britain's first female top finance minister, she is set to make history, one way or another, as reported by .
The specifics outlined in Labour's first Budget after a 14-year hiatus from power will play a crucial role in establishing the terms and shaping Westminster's agenda for the remainder of the Parliament.
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The success with which No11 navigates the delicate balance of tax and expenditure, and whether the Office for Budget Responsibility (OBR) believes their measures will stimulate growth, could become a pivotal moment for the relatively new administration.
Despite a landslide victory, Labour has seen their poll ratings rapidly decline since taking power.
If they get this wrong, steering through the turbulent waters of SW1 could start to become increasingly challenging.
Backbench Balancing
Labour has already quelled opposition from its own backbenches the group of MPs who do not hold a paid government position, and can therefore be more readily 'kept in line'.
Murmurs escalated into outrage over the decision to means test pensioners' winter fuel payments, with the move quickly escalating into a full-blown dispute.
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Labour has now confirmed it will cease funding the £2 bus fare, as Reeves prepares to cut transport funding in her 12.30 speech, opting instead to cap costs at £3 until the end of 2025.
Dissatisfaction within the Labour ranks is simmering over issues such as winter fuel allowances and the ongoing two-child benefit cap, with left-wing MP Zarah Sultana renewing calls for its removal. This discontent threatens to escalate in light of policy decisions perceived to exacerbate the struggles of impoverished constituents.
Labour's substantial 402-member majority, all intent on retaining their seats, could pose a challenge for Keir Starmer, potentially leading to future party rebellions.
Tory Budget criticism
In a role reversal following successive Conservative Budgets, Labour, traditionally the critics from the opposition benches, now faces scrutiny. The Tories, still smarting from the summer's election defeat, are gearing up to scrutinise Labour's financial plans in minute detail.
Ex-Chancellor Jeremy Hunt has expressed outrage at the Office for Budget Responsibility (OBR) for deciding to investigate whether the Tory government failed to disclose information to the fiscal watchdog on Budget day, labelling it "political interference".
Meanwhile, defence spending is set to receive an almost £3bn increase, according to the Telegraph, although this actually represents a marginal decrease as a percentage of GDP due to higher growth forecasts. This comes despite Labour's manifesto commitment to "set out the path to spending 2.5 per cent of GDP on defence".
Labour must brace itself for criticism wherever pledges appear to be, or can be construed as, ambiguous or unfulfilled.