First things first: don't panic. What you need to know is this. The budget has not gone down well in financial markets. Indeed, it's gone down about as badly as any budget in recent years, save for Liz Truss's mini-budget. The pound is weaker. Government bond yields have gone up. That's precisely the opposite market reaction to the one chancellors like to see after they commend their fiscal statements to the house. In hindsight, perhaps we shouldn't be surprised.
But nor is it anything like good news for the government. In fact, it's pretty awful. Because higher borrowing rates for UK debt mean it will end up paying considerably more to service our debt in the coming years. And that debt is about to balloon dramatically because of the plans laid down by the chancellor this week. And this is where things get particularly sticky for Ms Reeves.