Those who embellish their CV inevitably come unstuck. Moreover, they lack insight, always find someone else to blame for their mistakes and never take responsibility.

And as often as not they have a vindictive air of superiority about them, too. I have no doubt that psychologists have a name for people like this; for now we could call it Rachel Reeves syndrome.

No one should pretend that her job is easy; clearly it isn’t. But equally it wasn’t easy for her predecessors.

Labour left chaos behind them in 2010. Covid was a massive shock financially and whilst years of QE and zero interest rates lay the foundation for inflation, it was Putin’s war in Ukraine which kicked that off.

Next week, something like £36 billion of tax rises are going to wash across the UK economy, largely falling on businesses. And most of those businesses are deeply worried. Confidence to invest and hire has been holed below the waterline. On a per capita basis the economy is already shrinking, and whilst the OBR has halved its 2025 growth forecast from 2 to 1%, many economists believe that we will tip into recession. Inflation remains stubbornly above target and may very easily run away again. 10 year bond yields are higher now than after Liz Truss’ mini budget, which Ms Reeves loves to remind us “crashed the economy”.

Hidden in amongst all the blather in her Spring Statement were some worrying facts. Just six months after her first Budget, £9.9 billion of headroom has turned into a £4.1 billion deficit. So, Rachel has just created her very own £14 billion black hole, but of course “international events” are to blame on this occasion. Sooner or later some clown will tell us this is a good Labour black hole instead of a bad Tory one!

She is planning to fill this with a clamp down on tax evasion of £7.5 billion (this is always promised and never materialises), £4.8 billion of Welfare cuts (austerity to you and me), and a 15% reduction in the cost of Government (believe it when you see it). Much vaunted increase in Defence spending from 2.3 to 2.5 % of GDP doesn’t kick in for two years. Putin may not wait that long; the plain truth is we need to double that budget sometime yesterday, or we will end up paying in our young peoples’ blood.

We heard in last week’s Cambrian News just how hard those welfare cuts are going to hit Wales. With 28% of working aged people in Wales classified as disabled, and only half of them having any paid employment, we desperately need lots of starter and part time jobs. But £24 billion of her tax rises are going to come from Employers’ National Insurance contributions. Very few small or medium businesses (the bedrock of our economy) are going to feel confident to create those new jobs.

Chancellor Reeves has once again left herself with very little headroom. It is all too easy to imagine tax revenues not materialising or another world shock. If so, brace yourselves; come the Autumn budget it will be more tax, more cuts or a total loss of credibility. My bet is all three and quite possibly joined by rising inflation, increased interest rates and a house price crash.

That’s the problem with Rachel Reeves syndrome; when the protagonist comes unstuck, the fallout affects a lot of decent ordinary people too