So this gets us to the big story of this Budget of two halves. A Budget that borrows to spend on political priorities in the next year or so, and then taxes hard to get borrowing down in the final years of the decade.
This is about buying breathing space, politically and economically. The two factors are inseparable.
By borrowing to spend, the chancellor and prime minister have shored up their immediate position in parliament and it appears to put to bed the shocking doubts about passing their budgets.
The Labour left is getting behind this Budget as it spends to help alleviate child poverty, to lower energy bills, and to freeze rail fares and prescriptions. This is important for the financial markets which need to know, whether they love the policies or not, that the government has the votes to pass its Budget.
By subsequently taxing hard to double the amount of breathing space or headroom to £22bn a year around her borrowing targets, Reeves gets space from the uncomfortable glare of the markets. Add in the fact that there will now only be an annual check of the fiscal rules rather than a bi-annual one, and with a fair wind, this should put to bed the hamster wheel of speculation about missing borrowing targets.
This has been a force for instability, and lack of credibility over the last year, and ultimately led to the calamitous U-turn on welfare cuts over the summer.
The net result of all this and a slightly lower than expected issuance of UK government bonds, was that markets were more than calm. Despite the rollercoaster of a day, the effective interest rate on government bonds was down across the board, and on occasion was a notable 10 basis points or 0.1% down on the key bonds.
The message has been heard in the markets, and at first glance in her own party.
Now this has come at a price. Taxes will go up to new records in 2028. How will that be squared with the need for growth?
