Rachel Reeves Still Has a Narrow Path to Survival

British Chancellor of the Exchequer Rachel Reeves has had a rough 18 months in office. But with some skill, and a lot of luck, there is a narrow path to turn the UK’s economic doom loop — of weaker sentiment leading to higher borrowing costs, and vice versa — into more of a virtuous circle.

There’s sure to be plenty of public howling on Nov. 26 if she does, as she’s signaled, unleash a wave of tax rises. But the most important constituencies for her right now, as she seems to grasp, are the Bank of England’s Monetary Policy Committee and the government-bond market.