It might not have been a full-blown budget, but it's still been grabbing the headlines on and off for weeks.

Today's spring statement was never meant to involve major surgery, but with a sluggish UK economy and a changing global landscape,

the Chancellor has found herself and her economic strategy, front and centre of the UK's national conversation.

That's what we're discussing in this edition

of Red Lines. And John Campbell, why did what Rachel Reeves had to say this afternoon, and we're

recording this barely two hours after she sat down, matter so much? Because I think it shows the

direction of travel for the UK economy and particularly UK public finances.

And it leaves up in the possibility that Rachel Reeves is going to have to come back for more

in terms of potential tax or borrowing or else she is going to get very lucky.

And I think one of the other things it shows today is this increasingly looks like a mad way to run an economy, something we maybe get into

later. And if we had a pound for every time she and those close to her used the phrase

the world has changed today and in the run-up to today, we'd be able to have a nice dinner out.

Yeah, that is increasingly something we're going to hear from Labour government,

and I think in the run-up to the next budget, it's going to have implications

because if the world has changed, then do your previous assumptions around borrowing

and around tax remain unchanged?

As of today, they do, but how sustainable is that going to be?

Andrew Webb, there's a sense that the ground is moving beneath the Chancellor's feet. So is her performance today,

do you think likely to stabilise things to any great extent? I think today she was really starting a fight for her economic

credibility and she has boxed herself in with the no new taxes approach that she took in the

autumn budget. I think that it's her own made-up fiscal rule which is on bending on that

which then led to what we've seen today.

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