With tax speculation festering, Rachel Reeves needs to show her hand | Richard Partington

The chancellor seems to be waiting for a clearer economic picture to emerge but that is not how government works

The cruel summer of speculation is here. Barely a day passes without the chancellor, Rachel Reeves, waking to another newspaper headline about possible tax-raising options for her autumn budget.

After the bonanza of June's spending review, Reeves had been warned that uncertainty about the public finances would set tongues wagging. Britain's economy has far from shot the lights out since, the global backdrop remains fairly bleak, borrowing costs are high, and inflationary pressures are building.