The Chancellor is braced for key economic forecasts (Image: Getty)

       Chancellor Rachel Reeves faces a day of reckoning that will have major consequences for families across Britain.

       Confidence in her leadership of the Treasury will crash further if the Bank of the England downgrades the UK’s already pitiful growth forecasts on Thursday.

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       Pound plunges after interest rate cuts - more pain to come for Rachel Reeves

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       Day of judgement for Rachel Reeves as her ‘cardinal error' threatens fresh tax hell

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       Bank of England humiliates Rachel Reeves with brutal downgrade to UK's growth forecast

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       Pound plunges after interest rate cuts - more pain to come for Rachel Reeves

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       'Wrecker' Rachel Reeves gave BoE impossible job - then Ed Milband made it even harder

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       Conservatives clarify DWP triple lock position after 'means testing' suggestion

       11 Comments

       Countryfile star Adam Henson warns Rachel Reeves's Budget 'hurts' British farming

       210 Comments

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       Judgement Day for Rachel Reeves - spring tax bombshell inevitable as growth slumps

       573 Comments

       Hargreaves Lansdown issues unwelcome message to customers as payouts drop

       2 Comments

       Day of judgement for Rachel Reeves as her ‘cardinal error' threatens fresh tax hell

       509 Comments

       Rachel Reeves given ultimatum over 'putrid' downgrade to economy

       124 Comments

       Bank of England humiliates Rachel Reeves with brutal downgrade to UK's growth forecast

       55 Comments

       Huge blow for Rachel Reeves as UK growth forecasts downgraded yet again

       588 Comments

       'Honey, I blew up the economy' - A disastrous day for Chancellor Rachel Reeves

       53 Comments

       Rachel Reeves doesn't want you to realise one thing about interest rates drop

       4 Comments

       Pound plunges after interest rate cuts - more pain to come for Rachel Reeves

       94 Comments

       Fresh blow to Rachel Reeves as growth forecasts slashed again

       2 Comments

       Russian economy in meltdown as Putin warned of shocking inflation

       18 Comments

       Bank of England poised to slash interest rates in boost to one group of people

       Comments

       'Wrecker' Rachel Reeves gave BoE impossible job - then Ed Milband made it even harder

       25 Comments

       'Talk is cheap!' Rachel Reeves slammed for nosediving economy as leaders set her D-Day

       93 Comments

       Rachel Reeves humiliated as global finance experts say she ruined economy

       87 Comments

       Voters and investors alike will conclude Labour is not working if the Bank cuts interest rates in an emergency attempt to inject life into a flat-lining economy while forecasting growth will be less than 1.5%.

       Britain faced major challenges when she moved into Downing Street in July but experts are lining up to warn she has made things worse.

       The trouble for the Chancellor is she cannot lay the full blame for the abysmal performance of UK PLC on the Conservatives. Employers are dismayed at her decision to hit them with a de facto tax on jobs, a huge mistake from Rachel Reeves.

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       The hike in National Insurance contributions – expected to raise ￡25billion – presents employers with an awful set of choices, all of which are bad for Britain.

       Do they increase prices – potentially fuelling inflation – or do they cut back on jobs, training and investment?

       Britain already suffers from low productivity and an endemic problem of worklessness. This will be even harder to tackle if the pool of relatively low-paid entry-level jobs dries up.

       The combination of a rate cut and a growth downgrade, coming a week after Ms Reeves presented her a passionate champion of economic growth in her hyped-up speech, will be a painful reality check that will send out a sorry message to a watching world.

       Global investors will have clocked AstraZeneca’s decisions to scrap plans for a ￡450million vaccine factory in Merseyside. The science minister may insist the sums “simply didn’t add up for the taxpayer” – but major companies will conclude that this is a Government one of their peers simply could not do business with.

       The true danger for the country is that confidence is whittled away and unemployment climbs up. It is one thing for the Chancellor to face unhelpful growth forecasts; but when Britons start seeing neighbours, friends and siblings losing their jobs this stops being about lines on a graph and becomes a very personal crisis for every family affected.

       Nigel Farage and his growing army of Reform UK activists will invite former Labour and Tory voters to find a new political home in their ranks. If the economy tanks further they will say neither of the traditional parties of power can be trusted to deliver the growth on which the survival of our public services depends.

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       Ms Reeves’s woes will get much worse if the Office for Budget Responsibility next month issues a further downgrade and sounds the alarm that increased borrowing costs mean she is in danger or breaking her fiscal rules – an event that could trigger market turmoil.

       The Chancellor may find herself sitting at her desk facing the grimmest of choices – hiking taxes or taking the scythe to Government spending.

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       Pound plunges after interest rate cuts - more pain to come for Rachel Reeves

       94 Comments

       Fresh blow to Rachel Reeves as growth forecasts slashed again

       2 Comments

       Russian economy in meltdown as Putin warned of shocking inflation

       18 Comments

       Bank of England poised to slash interest rates in boost to one group of people

       Comments

       'Wrecker' Rachel Reeves gave BoE impossible job - then Ed Milband made it even harder

       25 Comments

       'Talk is cheap!' Rachel Reeves slammed for nosediving economy as leaders set her D-Day

       93 Comments

       Rachel Reeves humiliated as global finance experts say she ruined economy

       87 Comments

       Interest rates LIVE: Bank of England poised to cut base rate by 0.25%

       253 Comments

       House prices hit all time high - see how your region stacks up with full list areas

       1 Comments

       Martin Lewis explains what interest rate cut means for mortgages, savings, cards and loans

       Comments

       Conservatives clarify DWP triple lock position after 'means testing' suggestion

       11 Comments

       Countryfile star Adam Henson warns Rachel Reeves's Budget 'hurts' British farming

       210 Comments

       Judgement Day for Rachel Reeves - spring tax bombshell inevitable as growth slumps

       573 Comments

       Hargreaves Lansdown issues unwelcome message to customers as payouts drop

       2 Comments

       Day of judgement for Rachel Reeves as her ‘cardinal error' threatens fresh tax hell

       509 Comments

       Rachel Reeves given ultimatum over 'putrid' downgrade to economy

       124 Comments

       Bank of England humiliates Rachel Reeves with brutal downgrade to UK's growth forecast

       55 Comments

       Huge blow for Rachel Reeves as UK growth forecasts downgraded yet again

       588 Comments

       'Honey, I blew up the economy' - A disastrous day for Chancellor Rachel Reeves

       53 Comments

       Rachel Reeves doesn't want you to realise one thing about interest rates drop

       4 Comments

       Pound plunges after interest rate cuts - more pain to come for Rachel Reeves

       94 Comments

       Fresh blow to Rachel Reeves as growth forecasts slashed again

       2 Comments

       Russian economy in meltdown as Putin warned of shocking inflation

       18 Comments

       Bank of England poised to slash interest rates in boost to one group of people

       Comments

       'Wrecker' Rachel Reeves gave BoE impossible job - then Ed Milband made it even harder

       25 Comments

       'Talk is cheap!' Rachel Reeves slammed for nosediving economy as leaders set her D-Day

       93 Comments

       Rachel Reeves humiliated as global finance experts say she ruined economy

       87 Comments

       Interest rates LIVE: Bank of England poised to cut base rate by 0.25%

       253 Comments

       House prices hit all time high - see how your region stacks up with full list areas

       1 Comments

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       Comments

       Conservatives clarify DWP triple lock position after 'means testing' suggestion

       11 Comments

       Countryfile star Adam Henson warns Rachel Reeves's Budget 'hurts' British farming

       210 Comments

       Judgement Day for Rachel Reeves - spring tax bombshell inevitable as growth slumps

       573 Comments

       Hargreaves Lansdown issues unwelcome message to customers as payouts drop

       2 Comments

       Day of judgement for Rachel Reeves as her ‘cardinal error' threatens fresh tax hell

       509 Comments

       Rachel Reeves given ultimatum over 'putrid' downgrade to economy

       124 Comments

       Bank of England humiliates Rachel Reeves with brutal downgrade to UK's growth forecast

       55 Comments

       Huge blow for Rachel Reeves as UK growth forecasts downgraded yet again

       588 Comments

       'Honey, I blew up the economy' - A disastrous day for Chancellor Rachel Reeves

       53 Comments

       Rachel Reeves doesn't want you to realise one thing about interest rates drop

       4 Comments

       Pound plunges after interest rate cuts - more pain to come for Rachel Reeves

       94 Comments

       Fresh blow to Rachel Reeves as growth forecasts slashed again

       2 Comments

       Russian economy in meltdown as Putin warned of shocking inflation

       18 Comments

       Bank of England poised to slash interest rates in boost to one group of people

       Comments

       'Wrecker' Rachel Reeves gave BoE impossible job - then Ed Milband made it even harder

       25 Comments

       'Talk is cheap!' Rachel Reeves slammed for nosediving economy as leaders set her D-Day

       93 Comments

       Rachel Reeves humiliated as global finance experts say she ruined economy

       87 Comments

       Labour went into the election with the mission of securing the “highest sustained growth in the G7” and a pledge not to “increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT”.

       Ms Reeves may well feel boxed-in. Her desperate search for cash has already seen her snatch away winter fuel payments, clobber independent schools and ramp up inheritance tax on family farms – where else will she look for spare change?

       She would do well to heed the advice of generations of doctors – primum non nocere: first, do no harm. Britain cannot cope with further tax raids and if she is serious about boosting growth she should do everything possible to help job-creators.