Norman Lamont, in March 1993, raised taxes drastically to fill a significant fiscal gap, ultimately restoring economic credibility and leading to a decade of growth.
Rachel Reeves faces a complex challenge that is both economic and political, tackling low growth, public service funding issues, and the rise of far-right ideologies.
The current political landscape risks a cycle of low growth and high taxes, eroding public trust and leading to political apathy or radical ideologies.
It's vital for Reeves to focus on both immediate and long-term solutions to disrupt the cycle of short-termism and fundamental public services degradation.
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