Today’s figures on the public finances and retail sales will bring some relief to Rachel Reeves; both show a small positive direction. In November, they reveal, the government had to borrow £11.2 billion, which was £3.4 billion down on the same month last year. Retail sales were up 0.2 per cent in November, following a 0.7 per cent fall in October. It means that the Chancellor can avoid further negative headlines at the end of the year – but really there is little to detract from the underlying story that the government has succeeded in creating an economic downturn out of thin air.
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