Rachel Reeves is under immense pressure. She must not waste her chance to ‘go big’ | Heather Stewart

Chancellor needs to reform an out-of-kilter tax system without alienating voters or spooking financial markets

It's back to school this week for MPs and government ministers - and few can be facing a more challenging new term than Rachel Reeves. After being moved to tears in the unforgiving glare of the cameras before the summer break, the chancellor's allies say she is returning to the frontline with a renewed sense of purpose. She is ready, as the kids would say, to lock in".

But team Reeves is also well aware of the scale of the economic and political obstacles ahead. Most pressing, yet out of the chancellor's hands, is the Office for Budget Responsibility's (OBR) summer supply stocktake" of its economic model.