She came out fighting. But will a gutsy Commons performance be enough to save Rachel Reeves and restore confidence in her handling of the turmoil in the money markets?
The answer is that she lives to fight another day. But while she has undoubtedly brought herself some time, her position will remain precarious unless the economy starts to recover.
In her opening statement to MPs, the embattled chancellor bravely defended her controversial weekend trip to China, but barely mentioned the plunging pound, soaring borrowing costs and stagnant inflation.
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Global factors were to blame, she claimed. Fair enough. But she also blamed the Conservative legacy of the past 14 years. There will come a time when that excuse won’t wash any more.
She talked about unveiling plans in the coming weeks to “kickstart growth”. Critics would say they can’t come soon enough. Ominously for Labour MPs, she refused to rule out further spending cuts.
But while Ms Reeves was combative – and she needed to be – the shadow chancellor Mel Stride was positively on fire, with a barnstorming onslaught listing the economy’s woes. Were you watching, Kemi Badenoch?
First, he lambasted the chancellor for not turning up to answer a Commons question before she left for China.
In Labour circles they’re calling it the “Peking duck”, he claimed. Really? Never mind, it was an amusing line.
Then came a political attack line thrown at chancellors by opposition parties down the years.
“This is a crisis made in Downing Street,” Mr Stride declared. Well, to be fair, the charge is usually “a recession made in Downing Street”.
And finally Mr Stride really got into his, er stride, claiming the chancellor’s performance was like a Shakespearean tragedy.
“To go or not to go! That is now a question,” he joked, thoroughly enjoying himself by now.
“The prime minister will be damned if he does, but he will surely be damned if he does not.”
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Was that a call for Sir Keir Starmer to sack Ms Reeves? Not quite. But it was perhaps a warning that if the economy doesn’t improve the Tories may well demand her resignation or dismissal before long.
Despite all the criticism of her China trip, however, the chancellor revealed she hasn’t lost her taste for foreign travel, revealing she’s off to hobnob with the global elite at the Davos economic summit later this month.
Oh dear! Was it wise to announce another overseas jaunt after the controversy of her China trip, claims that she was “missing in action” and calls to “get on a jet” and fly home?
She might need to launch another Commons fightback when she returns from the ski slopes. The slippery slopes, even?
