Rachel Reeves points fingers ahead of a risky budget, writes Natasha Clark

That was the main message from the Chancellor today as she gave an unusual address from Downing Street.

It's less than three weeks until she will deliver her Budget - just about the time we see her bat off question after question on what we may expect.

There was a lot of that today, but the Treasury clearly saw merit in laying the pitch for another difficult fiscal event.

The Chancellor appeared nervous this morning as she appeared at the podium in No. 9 to tell us that we would all have to do our bit to help repair the dire state of the public finances and get us on the road to recovery.

She attempted to lay the blame not on her government or the choices it has made over the last year, but on others.

It was Covid, Brexit, austerity, and the Tories who are to blame for this.

And only by making those difficult decisions do we have any hope of a brighter future.

Reeves told us that we have to deal with the world as it is, not as we want it to be.

And that world is looking very gloomy and serious right now.

It all but confirmed the speculation swirling around Westminster that she will have to raise taxes and break the party's manifesto promise not to do so for VAT, income tax, or National Insurance.

I did not entirely believe when the prime minister indicated last week that he may do so.

I still think there is a chance it may not happen at all.

It was a massive part of why many voters felt able to trust Labour with their wallets in the last election.

That is a huge promise for any Chancellor even to consider breaking.

But the amount of money it could raise and the prospect of putting off another difficult Budget next year are looking ever more tempting.

Already, the markets have taken a dip.

Will the bond markets gain confidence in her for taking long-term decisions?

Or punish her for inflicting more uncertainty for the next three weeks?

MPs are edgy, and the Parliamentary party is described as "feral".

Will they publicly and privately back her after she delivers another bruising blow to their chances of re-election?

The polls are already looking incredibly challenging.

The Chancellor appeared nervous and worried this morning, and for good reason.

This is a considerable risk for both her political future and that of the entire government.

If it pays off, it will secure the government's future for another few months.

But if this is a gamble too far, some Labour figures are already suggesting it could be the beginning of the end of the Starmer premiership.

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Natasha Clark is LBC's Political Editor.

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